HD Hyundai Marine Engine, one of South Korea’s three major marine engine manufacturers, has announced that it has signed a contract to supply marine engines to the Chinese shipbuilder Nantong Xiangyu Shipbuilding & Offshore Engineering Co., Ltd. (Nantong Xiangyu SOE). The order is valued at approximately 22.71 billion KRW (about $16.5 million).
Under the contract, the equipment is scheduled for delivery to the shipyard between August 31, 2026, and July 20, 2029, with specific completion dates subject to adjustment based on the customer’s shipbuilding schedule.
The partnership between Xiangyu Marine Equipment and HD Hyundai Marine & Shipbuilding began in 2018, and the two companies have now signed procurement contracts for approximately 170 marine main engines.
In 2026 alone, Xiangyu Marine Equipment and HD Hyundai Marine & Shipbuilding have publicly announced several collaborative projects: In May, the two parties signed a procurement agreement for six sets of 6G50 marine main engines; and in late July, they signed another marine engine order worth 47.55 billion KRW (approximately $34.5 million).
Xiangyu Marine Equipment is a shipyard active in the newbuilding market. The latest data shows that in the first half of 2026, the company secured 32 new orders and delivered 14 vessels; as of the end of June 2026, Xiangyu Marine Equipment had a backlog of 132 vessels.
Currently, Xiangyu Marine’s product portfolio is expanding into high-end and diversified segments, shifting from small and medium-sized bulk carriers to large bulk carriers, specialty chemical tankers, multi-purpose heavy-lift vessels, and container ships. Notably, Xiangyu Marine secured its first container ship order in the first half of 2026.
HD Hyundai Marine Engines, formerly known as STX Heavy Industries, was established in December 1976 and officially became part of the HD Hyundai Group in July 2024. Its core business is the manufacture of marine engines and related equipment.