According to South Korean media reports, South Korea’s three major shipbuilders—HD Korea Shipbuilding & Offshore Engineering (HD KSOE), Hanwha Ocean, and Samsung Heavy Industries—achieved a combined operating revenue exceeding KRW 30 trillion and secured new orders valued at over USD 30 billion in the first half of 2026.
On July 29, HD KSOE, the intermediate shipbuilding holding company of HD Hyundai, released its financial results for the first half of 2026. Preliminary consolidated operating revenue for the second quarter of 2026 stood at KRW 8.927 trillion, a year-on-year increase of 20.2%, while operating profit reached KRW 1.6451 trillion (approximately USD 1.159 billion), up 72.5% year-on-year.
These figures significantly exceeded market expectations, which had forecast operating revenue of KRW 8.711 trillion and operating profit of KRW 1.4797 trillion. Notably, the second quarter of 2026 marked a record high for HD KSOE since its establishment in June 2019. The operating profit margin—a key indicator of profitability—rose to 18.4% from 12.8% in the same period last year.
Overall, for the first half of 2026, HD KSOE recorded operating revenue of KRW 17.0679 trillion (up 20.2% year-on-year) and an operating profit of KRW 3.0011 trillion (approximately USD 2.115 billion) , up 65.6% year-on-year.
This marks the first time HD KSOE’s operating profit has exceeded KRW 3 trillion in the first half of the year, driven by improved production efficiency, an increased share of high-value-added vessel orders, the continued implementation of a selective order strategy, and the comprehensive integration synergies resulting from the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo.
Two other leading South Korean shipbuilders, Samsung Heavy Industries and Hanwha Ocean, have already released their financial results for the first half of 2026, ahead of HD KSOE.
In the second quarter of 2026, Samsung Heavy Industries recorded revenue of KRW 3.23 trillion, a year-on-year increase of 20.4%; operating profit reached KRW 325 billion (approximately USD 229 million), up 58.7% year-on-year; and the operating profit margin rose to 10.1%, surpassing the 7.6% recorded in the same period last year.
For the first half of 2026, Samsung Heavy Industries posted revenue of KRW 6.13 trillion, up 18.5% year-on-year, and an operating profit of KRW 598.1 billion (approximately USD 421 million), an increase of 82.4% year-on-year.
In the second quarter of 2026, Hanwha Ocean achieved revenue of KRW 5.44 trillion, a year-on-year rise of 65.2%; operating profit stood at KRW 736.1 billion (approximately USD 519 million), surging 98% year-on-year; and net profit reached KRW 692.6 billion (approximately USD 488.32 million), a year-on-year spike of 366.4%.
For the first half of 2026, Hanwha Ocean recorded revenue of KRW 8.65 trillion, up 34% year-on-year, and an operating profit of KRW 1.18 trillion (approximately USD 832 million), an increase of 87% year-on-year.
In summary, the combined revenue of South Korea’s three major shipbuilders for the first half of 2026 reached 31.854 trillion won (approximately US$22.448 billion), a year-on-year increase of 23.4%; operating profit stood at 4.7764 trillion won (approximately US$3.366 billion), up 72.4% year-on-year; and the value of new orders totaled around US$31.1 billion, more than double the figure from the same period last year.
South Korean media believe that, driven by this performance in the first half of 2026, the three major shipbuilders are well-positioned to achieve their full-year operational targets of 60 trillion won in revenue and 10 trillion won in operating profit.
This marks the first time HD KSOE’s operating profit has exceeded KRW 3 trillion in the first half of the year, driven by improved production efficiency, an increased share of high-value-added vessel orders, the continued implementation of a selective order strategy, and the comprehensive integration synergies resulting from the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo.
Two other leading South Korean shipbuilders, Samsung Heavy Industries and Hanwha Ocean, have already released their financial results for the first half of 2026, ahead of HD KSOE.
In the second quarter of 2026, Samsung Heavy Industries recorded revenue of KRW 3.23 trillion, a year-on-year increase of 20.4%; operating profit reached KRW 325 billion (approximately USD 229 million) , up 58.7% year-on-year; and the operating profit margin rose to 10.1%, surpassing the 7.6% recorded in the same period last year.
For the first half of 2026, Samsung Heavy Industries posted revenue of KRW 6.13 trillion, up 18.5% year-on-year, and an operating profit of KRW 598.1 billion (approximately USD 421 million) , an increase of 82.4% year-on-year.
In the second quarter of 2026, Hanwha Ocean achieved revenue of KRW 5.44 trillion, a year-on-year rise of 65.2%; operating profit stood at KRW 736.1 billion (approximately USD 519 million) , surging 98% year-on-year; and net profit reached KRW 692.6 billion (approximately USD 488.32 million) , a year-on-year spike of 366.4%.
For the first half of 2026, Hanwha Ocean recorded revenue of KRW 8.65 trillion, up 34% year-on-year, and an operating profit of KRW 1.18 trillion (approximately USD 832 million) , an increase of 87% year-on-year.
In summary, the combined revenue of South Korea’s three major shipbuilders for the first half of 2026 reached KRW 31.854 trillion (approximately USD 22.448 billion) , a year-on-year increase of 23.4%; operating profit stood at KRW 4.7764 trillion (approximately USD 3.366 billion) , up 72.4% year-on-year; and the value of new orders totaled around USD 31.1 billion, more than double the figure from the same period last year.
South Korean media believe that, driven by this performance in the first half of 2026, the three major shipbuilders are well-positioned to achieve their full-year operational targets of KRW 60 trillion in revenue and KRW 10 trillion in operating profit.
In addition, HD Hyundai Heavy Industries, a shipbuilding subsidiary of HD KSOE, has simultaneously released its financial results for the first half of 2026.
In the second quarter of 2026, HD Hyundai Heavy Industries recorded revenue of KRW 6.3322 trillion, a year-on-year increase of 52.7%; an operating profit of KRW 1.0399 trillion (approximately USD 733 million) , up 120.6% year-on-year; and a net profit of KRW 822.1 billion (approximately USD 579 million) , surging 289.8% year-on-year.
This marks the first time HD Hyundai Heavy Industries has achieved a quarterly operating profit exceeding KRW 1 trillion on a standalone financial reporting basis since the establishment of HD KSOE. The year-on-year revenue growth reflects the consolidation effect resulting from the merger with HD Hyundai Mipo at the end of 2025; the company’s performance in the same period last year did not include HD Hyundai Mipo’s results prior to the merger.
HD Hyundai Heavy Industries stated that the quarterly performance growth was primarily driven by its shipbuilding, engine and machinery, and offshore plant business segments.
The shipbuilding division recorded revenue of KRW 4.9783 trillion and an operating profit of KRW 851.2 billion, while the engine and machinery division posted revenue of KRW 952.2 billion and an operating profit of KRW 236.4 billion. The offshore plant division achieved revenue of KRW 377.2 billion and an operating profit of KRW 60.1 billion.
For the first half of 2026, HD Hyundai Heavy Industries reported revenue of KRW 12.2485 trillion, up 53.7% year-on-year, and an operating profit of KRW 1.9453 trillion, an increase of 114.9% year-on-year.