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HD Hyundai Heavy Industries

Coordinates: 35°31.00′N 129°26.49′E / 35.51667°N 129.44150°E / 35.51667; 129.44150
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HD Hyundai Heavy Industries Co., Ltd.
Native name
에이치디현대중공업 주식회사
Company typePublic
KRX: 329180
Industry
FoundedEx-HHI (now KSOE): 1972; 52 years ago (1972)
new HHI: 2019; 5 years ago (2019)
Founder
Headquarters1000, Bangeojinsunhwando-ro, Dong-gu,
Ulsan
,
South Korea
Area served
Worldwide
Key people
RevenueIncrease ₩9.0455 trillion[1] (2022)
Decrease ₩−289.2 billion[1] (2022)
Decrease ₩−352.1 billion[1] (2022)
Total assetsIncrease ₩16.2894 trillion[1] (2022)
Total equityDecrease ₩5.2878 trillion[1] (2022)
Owner
Number of employees
14,000 (2024)[2]
ParentHD Korea Shipbuilding & Offshore Engineering
WebsiteOfficial website in English
Official website in Korean

HD Hyundai Heavy Industries Co., Ltd. (HHI; Korean: HD현대중공업; RR: Eichidi Hyeondae Junggongeop) is the world's largest shipbuilding company and a major heavy equipment manufacturer.[3][4] Its headquarters are in Ulsan, South Korea.

History

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HHI shipyard and cranes in Ulsan
HD Hyundai Heavy Industries
Hangul
에이치디현대중공업
Hanja
에이치디現代重工業
Revised RomanizationEichidi Hyeondae Junggongeop
McCune–ReischauerEich'idi Hyŏndae Chunggongŏp

HHI was founded in 1972 by Chung Ju-yung as a division of the Hyundai Group, and in 1974, completed building its first ships.[5] In 2002, the company was spun-off from its parent company.[6] HHI has four core business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, and Engine & Machinery. HHI also has five non-core related subsidiaries: Hyundai Electric & Energy Systems, Hyundai Construction Equipment, Hyundai Robotics, Hyundai Heavy Industries Green Energy, and Hyundai Global Service.[7]

The Hyundai Group started as a small South Korean construction firm in 1947, headed by its founder, Korean entrepreneur Chung Ju-yung.[8] Another widely known and closely related Korean company, the Hyundai Motor Company, was founded in 1967, five years prior to the founding of the Heavy Industry Group. The motor company was also founded by Chung. The company has a partnership with Capital Product Partners to create four specialized ships with equipment for ocean-based carbon capture and storage to be delivered in 2025 and 2026 and at a cost of $300 million.[9]

The name is an informal romanisation of the Korean 현대 (hyeondae) meaning "contemporary" or "modern", which was Chung's vision for the group of companies that he founded.

On 11 July 2024, Hyundai Heavy Industries became the first Korean shipbuilder to sign a master ship repair agreement (MSRA) with Naval Supply Systems Command (NAVSUP), qualifying to participate in the U.S. Navy's MRO business.[10]

Involvement in illegal Israeli settlements

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Hyundai Heavy Industries is named in the 2024 'Don't buy into occupation' rapport due their activity in Israel and the use of their equipment in illegal Israeli settlements on the West Bank that are in violation with international law:

"Over the years, Who Profits has repeatedly documented the use of HHI equipment during demolitions of Palestinian homes and property in East Jerusalem and the rest of the Occupied Palestinian Territories. Moreover, Al-Haq documented that Hyundai excavators were used in construction works in settlements and associated industrial zones. Al-Haq also reported the use of HHI excavators in the demolition of a water collection well in the Hebron area in March 2021. In February 2022, a HHI bulldozer was reportedly used in the demolishing of the home and water well of a Palestinian family in Khallet Al-Mai.

HHI’s activities are of concern as they are linked to the supply of equipment and materials facilitating the construction and the expansion of settlements and the wall, and associated infrastructures, as well as for the demolition of housing and property of Palestinians." [11]


Products

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Shipbuilding

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  • Crude oil tankers (Very Large Crude Carriers)
  • Shipping container carrier ships
  • Shipping exclusive container carrier cranes
  • Oil and natural gas drilling ships
  • Liquified natural gas carrier ships
  • Liquified Petroleum Gas Carriers (LPG) including Very Large Gas Carriers (VLGC)

Offshore & Industrial Plant Engineering

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  • Offshore oil and gas rig engineering and construction
  • Oil and gas storage and delivery vessel construction (FPSO)
  • Heavylift ship barge and ship transport vessels (Semi-submersible) building
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  • Destroyer
  • Frigate
  • Corvette
  • Patrol Vessel
  • Auxiliary Vessel
  • Attack Submarine

Engine & Machinery

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  • Marine Engine & Machinery
  • Engine Power Plants
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  • A HHI LNG carrier
    A HHI LNG carrier
  • A HHI drillship
    A HHI drillship
  • A HHI FPSO
    A HHI FPSO
  • A HHI naval vessel
    A HHI naval vessel
  • A HHI submarine
    A HHI submarine

See also

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References

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  1. ^ a b c d e f g h "HD HYUNDAI HEAVY INDUSTRIES 329180". FnGuide. 2022. Archived from the original on 26 January 2024. Retrieved 26 January 2024.
  2. ^ About HHI > At a Glance - HD Hyundai Heavy Industries
  3. ^ "Bloomberg.com". 2009-01-19. Retrieved 2009-01-19.
  4. ^ "HHI Constructs World's Best Ship for 26 Years Straight". Archived from the original on 2012-07-15. Retrieved 2008-11-18.
  5. ^ Steers, Richard (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. Routledge. p. 96. ISBN 978-0-415-92050-6.
  6. ^ "Welcome to Hyundai Heavy Industries". english.hhi.co.kr. Retrieved 2022-09-22.
  7. ^ Hyundai Heavy Industries Spins Off into Six Separate Companies Marine Insight News. Nov. 18, 2016. Downloaded Nov. 3, 2017.
  8. ^ "The last emperor". The Economist. 4 February 1999. Retrieved 11 January 2012.
  9. ^ Paris, Costas (January 31, 2024). "A New Solution for CO2 Emissions: Bury Them at Sea". The Wall Street Journal. News Corp. Retrieved January 31, 2024.
  10. ^ "HD현대重, 국내 최초 美 함정 MRO 사업 참여 자격 획득". HD Hyundai Heavy Industries. 12 July 2024. Archived from the original on 5 October 2024. Retrieved 5 October 2024.
  11. ^ "Don't Buy Into Occupation 2024" (PDF). dontbuyintooccupation.org/wp-content/uploads/2021/09/2022_11_29_DBIO-report-DEF.pdf. Retrieved 2024-12-01.
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35°31.00′N 129°26.49′E / 35.51667°N 129.44150°E / 35.51667; 129.44150

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