Hyundai Heavy Industries announced a blueprint to usher in a paradigm shift in the global shipbuilding industry of its planned market debut on the South Korean main board Kospi on Sept. 16.
The major shipbuilder here unveiled its vision of being a first-mover for eco-friendly ships during an online press conference with reporters Thursday, while also detailing specific plans for its initial public offering.
“Developing eco-friendly and digitalized vessels, constructing smart shipyards and investing in hydrogen infrastructure in the ocean are our three key businesses to achieve the vision,” said Han Young-seuk, chief executive officer of Hyundai Heavy Industries.
Of the 1.08 trillion won ($930.5 million) in IPO proceeds that the company aims to raise, about 760 billion won will be used for preemptive investments in future technologies. It is a part of the firm’s effort for environmental, social and governance business, the chief said.
The shipbuilder seeks to maximize its profitability through high value vessels such as hydrogen-fueled ships and ammonia-powered ships, and concentrating on electric power solutions. It also looks to advance digitalized ship technologies to accelerate its entry into the autonomous navigation market.
Building smart shipyards by 2030 for safe and effective production and expanding investments in green hydrogen production and hydrogen transportation infrastructure to get in first in the marine hydrogen infrastructure market are additional plans, according to the CEO.
Based on the solid financial status, the 49-year-old company acquired a competitive edge in winning shipbuilding orders. It signed $8.6 billion worth of deals to build 59 ships as of end-July, exceeding its yearly target by 20 percent.
Last month, Hyundai Heavy also signed an order worth 1.65 trillion won worth of eight methanol-fueled container ships with Maersk Line as well. It was the very first deal that the world’s biggest container shipping firm made globally, the CEO said.
“Next year marks our 50th anniversary. We vow to put consistent efforts for our future through the IPO. We’ll further secure our position as the shipbuilding industry’s No. 1 company in the next 50 years as well.”
