Heirs of Hanwha, HD Hyundai compete for global buyers at Gastech

HD Hyundai President Chung Ki-sun, third from right, inspects the company's exhibition pavilion at Gastech 2023 in Singapore, Tuesday. Courtesy of HD Hyundai

HD Hyundai achieves goal of winning $15.7 billion shipbuilding orders in 2023

By Park Jae-hyuk

The Gastech 2023 industry conference in Singapore became an arena of competition between HD Hyundai President Chung Ki-sun and Hanwha Group Vice Chairman Kim Dong-kwan, as Kim made a surprise visit to the venue on Thursday, after participating in the International Defence Industry Exhibition (MSPO) in the Polish city of Kielce, where he met with Polish President Andrzej Duda, Tuesday (local time).

Chung, who has maintained a friendly rivalry with Kim, had been in Singapore from the beginning of the world's largest gas technologies show, indicating that HD Hyundai will focus more of its efforts on the commercial vessel market, which is larger and considered more lucrative than the naval ship market.

The HD Hyundai president met with global buyers during the event, aiming to win construction orders for eco-friendly ships. The company also held a seminar, Tuesday, to introduce to international shipping companies its technologies for ammonia-powered ships, ammonia carriers, liquefied carbon dioxide carriers and liquefied natural gas (LNG) carriers.

As a result, HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, succeeded in signing agreements at the event with Singapore's EPS and Greece's Capital for the construction of four 88,000-cubic-meter very large ammonia carriers (VLACs), collectively worth 616.8 billion won ($462 million). Those ships will be built at HD Hyundai Heavy Industries' shipyard in Ulsan and delivered to the two clients by the end of 2027.

The agreements enabled the shipbuilder to achieve its goal of winning $15.7 billion worth of shipbuilding orders by the end of this year. The company said it has won orders for the construction of 122 ships this year, collectively worth $15.9 billion.

“HD Hyundai has led the market by providing the most innovative solutions for marine transportation,” Chung said. “With the development of advanced technologies for the eco-friendly era, we will create a sustainable future.”

The Hanwha Group vice chairman introduced the conglomerate's green energy and digital technologies to global energy company executives at Gastech, to seek cooperation in the construction of ships transporting LNG, ammonia and hydrogen, according to Hanwha Ocean, the group's shipbuilding unit.

“We will continue investments in developing solutions to lead the maritime industry in the future,” Kim was quoted as saying, after visiting Hanwha Ocean's exhibition pavilion to see a miniature of its LNG carrier, which was unveiled at this year's Gastech.