2023-10-07 05:22:24
Kim Hyun-joon, a senior researcher at Korea Credit Rating, said in a podcast examining major issues in the shipbuilding industry on the 5th, “Considering Hanwha Group’s defense industry portfolio, including Hanwha Aerospace and Hanwha Systems, Hanwha Ocean is likely to have an advantageous position.” He pointed out, “The possibility of enemy support is also an area that can improve the competitiveness of business in the defense industry.”
Shipbuilding companies that can build ships in Korea include HD Hyundai Heavy Industries, Hanwha Ocean, HJ Heavy Industries, and SK Ocean Plant. Among these, HD Hyundai Heavy Industries and Hanwha Ocean have a clear two-way system in terms of scale and construction performance.
Researcher Kim said, “The domestic market is limited in terms of size, and exports are highly profitable,” adding, “HD Hyundai Heavy Industries has a history of winning ships orders from the Philippines and New Zealand in the past, and Hanwha Ocean from the UK and Indonesia.” explained.
In sectors other than the defense industry, competition in the eco-friendly ship market is expected to intensify. Previously, Hanwha Ocean announced that it would invest 400 billion won of the funds raised through additional paid-in capital increase into the development of eco-friendly technology. Investment may become overheated due to this intensifying competition, but it is evaluated as positive for improving the technological competitiveness of shipbuilders.
In particular, the competitive structure of the engine market, which is the core of ships, has been reorganized through the M&A of HD Hyundai and Hanwha Group. HD Hyundai acquired STX Heavy Industries, and Hanwha Group acquired HSD Engine.
Researcher Kim said, “HD Hyundai Heavy Industries, which has already internalized the engine division, strengthened its position by additionally securing Kepa in the engine division through the acquisition of STX Heavy Industries,” and added, “Hanwha Ocean will reduce engine costs and achieve synergies in component procurement by incorporating HSD Engine into the family.” “I’m looking forward to it,” he explained.
(Provided by Korea Credit Rating)
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