In September this year, HD Hyundai Heavy Industries formally delivered the 3,200-ton class frigate “Diego Silang” to the Philippine Navy. This marks the 5,000th vessel delivered by HD Hyundai since constructing its first ship in 1974. HD Hyundai claims this achievement as “the first time in global shipbuilding history that a single company has delivered 5,000 ships.”
To commemorate this milestone, HD Hyundai held a “5,000th Ship Delivery Commemoration Ceremony” at HD Hyundai Heavy Industries on November 19, and distributed gift certificates worth 300,000 won to employees of its shipbuilding subsidiaries and staff of partner companies. HD Hyundai Group Chairman Chung Kisun, Park Dong-il, Director-General of the Ministry of Trade, Industry and Energy of South Korea (MOTIE), and Ahn Byung-gil, President of the Korea Ocean Business Corporation, attended the ceremony.
Since delivering the 260,000 DWT VLCC “Atlantic Baron” in 1974, HD Hyundai has delivered ships to over 700 shipowners in 68 countries over a period of 51 years. Its three shipbuilding subsidiaries, HD Hyundai Heavy Industries, HD Hyundai Mipo, and HD Hyundai Samho, have delivered 2,631, 1,570, and 799 ships respectively.
Chung Kisun stated, “The delivery of 5,000 ships is not only a source of pride for the Korean shipbuilding industry, but also a testament to the challenges that will reshape the global marine industry landscape.”
It is reported that South Korea’s shipbuilding industry traces its origins back to 1972, when the late Honorary Chairman Chung Ju-yung of HD Hyundai Group planned to establish a shipyard in Ulsan’s Mipo Bay. At that time, the nation’s annual shipbuilding capacity stood at just 500,000 gross tons (GT), with a global market share below 1%. The industry could only construct ships up to 17,000 deadweight tons.
In 1972, construction began on the shipyard envisioned by Chung Ju-yung. By June 1974, the shipyard was completed and its first ship was delivered simultaneously. President Park Chung-hee and his wife attended the completion and delivery ceremony.
After half a century of development, South Korea’s shipbuilding industry has secured a significant position in the global market. From an early “fast follower” primarily producing merchant ships such as tankers and bulk carriers, it has now become a “pioneer” leading the shipbuilding industry.
Notably, the 5,000th ship reaching this delivery milestone is not a merchant ship but the latest military warship. HD Hyundai initiated development of South Korea’s first domestically built destroyer, the Ulsan-class, in 1975. The lead ship, ROKS Ulsan, was launched in April 1980 and delivered to the Republic of Korea Navy in 1981.
Since the turn of the 21st century, HD Hyundai has dominated the market for technology-intensive ships such as ultra-large container ships and high-performance drilling ships. Today, it continues to maintain its global leadership in high-value-added ship sectors like LNG carriers. In recent years, HD Hyundai has also intensified its R&D efforts in future-oriented fields including eco-friendly ships and autonomous navigation technology.
As of November 18, HD Hyundai’s shipyards have secured 104 new ship orders this year, valued at approximately $14.24 billion. This represents 78.9% of its annual order target of $18.05 billion, further solidifying its position as South Korea’s largest shipbuilder. Regarding deliveries, in 2024, the three shipbuilding subsidiaries under HD Hyundai collectively delivered 144 ships, including container ships and LNG carriers.
During the commemorative ceremony, HD Hyundai described its milestone of delivering 5,000 ships as a “first in global shipbuilding history.” However, according to the official website of the Italian shipbuilding group Fincantieri, the company has built more than 7,000 ships in its more than 230-year history, far exceeding HD Hyundai’s 5,000 by as much as 2,000.