HJ Shipbuilding & Construction (HJSC) has recorded its highest-ever annual order value last year.
In the shipbuilding sector, the multinational shipbuilder secured orders worth KRW 1.75 trillion ($1.2 billion), reflecting a 150 per cent increase compared to 2022 and a remarkable 300 per cent rise from 2023.
Meanwhile, in the construction sector, the company recorded KRW 1.3 trillion ($890 million) in public construction projects, KRW 800 billion ($548 million) in urban redevelopment projects, and KRW 840 billion ($575 million) from private and overseas ventures.
In its specialised shipbuilding sector, the global shipbuilding leader capitalised on its strong MRO (maintenance, repair, and overhaul) capabilities to deliver impressive results.
The company secured contracts for upgrading the performance of 18 guided-missile patrol boats for the ROK Navy, along with major overhauls for the amphibious assault ship Dokdo and high-speed landing craft (LSF-II), reinforcing its leadership in the MRO market.
Additionally, HJSC won new construction projects, including a 3,000-ton patrol vessel and four high-speed patrol boats for the Korea Coast Guard, bringing in a total of KRW 550.4 billion ($377 million) in orders.
The South Korean shipbuilder has also made notable progress in the merchant shipping sector. By focusing on developing eco-friendly vessels with decarbonisation technologies, HJSC has secured orders for eight 7,900 TEUs eco-friendly containerships valued at KRW 1.2 trillion ($822 million) from several European shipowners.
All these vessels share a similar design, which is expected to enhance productivity and profitability through repetitive construction.
The KRW 1.75 trillion ($1.2 billion) in orders secured last year in both the merchant and special-purpose shipbuilding sectors marks the highest-ever performance for Yeongdo Shipyard in its history.
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An official from HJSC said: “Thanks to our capabilities in every division and business sector of both shipbuilding and construction, we were able to achieve balanced order results and exceed our goals.
“This year, we will continue to enhance our competitiveness through continuous change and innovation, and unite the efforts of all our members to ensure the company can take a new leap forward.”
Last July, the Biden-Harris Administration announced plans to support the entire American shipbuilding supply chain.
