According to Chosun Ilbo, South Korea’s three major shipbuilding giants—HD Korea Shipbuilding & Offshore Engineering (HD KSOE), Hanwha Ocean and Samsung Heavy Industries—are projected to collectively achieve nearly triple their 2024 operating profits by 2025. Their performance is approaching levels last seen during the global shipbuilding “supercycle” over a decade ago.
According to reports, the combined operating profit of South Korea’s three major shipbuilders reached 5.8758 trillion won (approximately $4.01 billion) in 2025, marking a 170.1% increase from the 2.1747 trillion won recorded in 2024. 2024 marked the first year in 13 years that all three South Korean shipbuilders achieved simultaneous profitability. In 2025, the combined operating revenue of the three shipbuilders is projected to reach 53.2716 trillion won (approximately $36.358 billion), representing a 15.3% year-on-year increase.
The following are some performance data for the three major shipbuilding companies in 2025:
- HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the shipbuilding arm of HD Hyundai, reported an operating profit of 3.9045 trillion won (approximately $2.665 billion) in 2025, marking a 172.3% year-on-year increase and setting a new record high.
- Hanwha Ocean’s operating profit reached 1.1091 trillion won (approximately $757 million), surging 366.2% year-on-year.
- Samsung Heavy Industries achieved operating revenue of 10.65 trillion won (approximately $7.27 billion) in 2025, returning to the “trillion-won club” after a nine-year absence. Its operating profit also delivered a standout performance, reaching 862.2 billion won (approximately $588 million), a 71.5% increase year-on-year.
South Korean media reports that the strong performance of the three major shipbuilders in 2025 stems from the global shipbuilding industry’s recovery and the continued securing and delivery of high-value-added vessel orders, such as liquefied natural gas (LNG) carriers, by South Korean shipbuilders.
By the end of 2025, the order backlog of South Korea’s three major shipbuilders reached $124.452 billion, securing their production capacity for the next three to four years. Industry insiders in South Korea widely believe that the three shipbuilders are expected to maintain solid performance this year.