Samsung Heavy secures $244 million deal for three oil tankers SEOUL, October 24 (AJP) - Samsung Heavy Industries said on Friday that it has secured an order worth 341.1 billion won, or about $244 million, to build three oil tankers for a Liberian shipowner. The order brings Samsung Heavy’s total contracts this year to $5.2 billion, about 78 percent of its $5.8 billion goal for the merchant ship sector. The company also aims to reach $4 billion in offshore projects, including work on the Coral and Delfin floating liquefied natural gas (FLNG) facilities. So far this year, the shipbuilder has won contracts for 30 vessels: seven LNG carriers, nine shuttle tankers, two container ships, two ethane carriers, and nine oil tankers, in addition to a preliminary deal for an offshore production platform. The latest oil tankers will be built in Vietnam — part of Samsung’s broader effort to diversify its global production base beyond South Korea and China. At home, the company is focusing its Geoje shipyard on high-value and eco-friendly vessels, such as LNG carriers and low-emission container ships. While the design and procurement for tankers remain under Samsung’s supervision, construction has been spread across yards in China, Southeast Asia, and South Korea to enhance cost efficiency and flexibility. Last year, Samsung built eight oil tankers for Greece’s Centrofin and Dynacom Tankers at the PaxOcean Zhoushan shipyard in China. Two more, ordered by Greece’s New Shipping in September, are being built in South Korea. “We are expanding our global network by partnering with India’s Swan Shipyard and the U.S.-based Vigor Marine Group on strategic projects such as maintenance and repair,” a Samsung Heavy spokesman said. “Our goal is to create a sustainable and competitive production system that can adapt to the rapidly changing market environment.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 11:06:16

HD Hyundai merger plan gets shareholders' approval SEOUL, October 23 (AJP) - HD Hyundai Heavy Industries will officially merge with its affiliate HD Hyundai Mipo Dockyard on Dec. 1, following overwhelming shareholder approval on Thursday — a move the company says will sharpen its competitiveness in the global shipbuilding and defense markets. At the respective shareholder meetings, 98.54 percent of HD Hyundai Heavy Industries’ shareholders and 87.56 percent of HD Hyundai Mipo’s shareholders voted in favor of the merger, including the National Pension Service, one of South Korea’s largest institutional investors. The two companies first announced their merger plan in August, positioning the combined entity as a leader in defense technology and next-generation shipbuilding. The Fair Trade Commission approved the deal in September, saying it would not restrict market competition. The merger will consolidate HD Hyundai Heavy Industries’ shipbuilding expertise with HD Hyundai Mipo’s production capacity and workforce, allowing the new entity to strengthen its foothold in the defense and special-purpose vessel markets. The company also plans to expand its research and development operations to accelerate technological innovation and respond more effectively to tightening environmental regulations. Executives said the integration would help streamline design and production processes, reduce costs, and improve responsiveness to global demand shifts. The company has set an ambitious target of $27 billion in revenue by 2035, up from an estimated $14 billion in 2024, with roughly $7 billion expected to come from the defense sector. “Shareholders have recognized the strategic necessity of this merger,” an HD Hyundai Heavy Industries spokesman said. “By combining our strengths, we aim to lead the future of the shipbuilding and defense industries.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-23 14:20:49

KCCI chief invites new Japanese PM to APEC CEO Summit in letter SEOUL, October 22 (AJP) - Choi Tae-won, chairman of the Korean Chamber of Commerce and Industry, has sent a letter congratulating Japan’s new prime minister, Sanae Takaichi, on her election as the country’s leader. In the letter, delivered Wednesday, Choi, also chairman of SK Group, expressed confidence that Prime Minister Takaichi’s leadership would “bring new energy to Japan” and foster meaningful progress across the region. He underscored the importance of deepening cooperation between South Korea and Japan as the two nations face shared challenges in a rapidly shifting global trade environment. Marking the 60th anniversary of the normalization of diplomatic relations between Seoul and Tokyo, Choi said he hoped the milestone would serve as a springboard for stronger economic ties. He also extended an invitation for Takaichi to attend the upcoming APEC CEO Summit on Oct. 28. Park Il-jun, vice chairman of the chamber, said the summit would be “a meaningful opportunity for Japan to demonstrate its commitment to regional economic cooperation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 15:36:17

Korea Zinc wins approval for renewable energy project in Australia SEOUL, October 22 (AJP) - Korea Zinc’s push into renewable energy gained new momentum this week after the government of New South Wales, Australia, approved the company’s plan to build a large-scale battery storage system and solar power plant — a centerpiece of its global clean-energy ambitions. The project, known as the Richmond Valley Battery Energy Storage System (BESS), is being developed by Korea Zinc’s Australian subsidiary, Arc Energy. Once completed, it will feature a lithium iron phosphate battery system with a capacity of 275 megawatts, capable of storing and discharging up to 2.2 gigawatt-hours of electricity over an eight-hour cycle. Combined with a 200-megawatt solar farm to be built on the same site, the system will store excess renewable energy generated during the day and release it at night or during periods of peak demand — providing stable power to an estimated 175,000 households each year across New South Wales. Commercial operations are scheduled to begin by late 2027. The project is expected to cut carbon emissions by roughly 370,000 tons annually. Arc Energy will manage the site under a build-own-operate model, with Hanwha Energy supplying the battery systems. Hanwha’s contribution accounts for about 52 percent of the project’s total $1.1 billion investment. The initiative aligns with New South Wales’s plan to phase out coal-fired power generation by 2028 and accelerate the state’s transition to renewable energy. In December 2023, Arc Energy was selected as a long-term energy service provider to help stabilize the power grid and participate in the ancillary services market for 14 years — ensuring steady revenue and operational continuity. The Richmond Valley project marks Arc Energy’s second major renewable development to secure government approval in New South Wales, following the Bowmans Creek wind farm project in 2024. The company is also expanding its renewable portfolio in Queensland and Tasmania, positioning itself as a key player in Australia’s clean-energy transformation. “This project represents the shared commitment of South Korea and Australia to a sustainable energy future,” said Choi Yoon-bum, chairman of Korea Zinc. “We are dedicated to ensuring the successful completion of the Richmond Valley BESS and solar facilities as part of our broader mission to drive an eco-friendly energy transition.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 10:57:36

HD Hyundai chairman to outline vision for global shipbuilding at APEC forum SEOUL, October 21 (AJP) - Jeong Ki-sun, chairman of South Korean shipbuilder HD Hyundai, will present his vision for the future of global shipbuilding at the Future Tech Forum, a side event of the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju. The company said Monday that Jeong will deliver a keynote address at the forum, which brings together industry leaders, government officials, and scholars to discuss emerging industrial and technological trends. Under the theme “Shaping the Future of Shipbuilding,” the forum will explore ways to advance the maritime industry through innovation, sustainability, and international collaboration. Jeong is expected to highlight HD Hyundai’s initiatives in artificial intelligence, decarbonization, and manufacturing technology, while also proposing new directions for global defense cooperation in shipbuilding. Key partners, including Huntington Ingalls Industries, Anduril, the American Bureau of Shipping, Siemens, and Persona AI, are scheduled to join the discussions. Topics will range from AI-driven production and digital transformation to the evolving landscape of maritime defense and Korea-U.S. strategic cooperation in the shipbuilding sector. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-21 10:44:36

South Korea's HD Hyundai promotes heir Chung Ki-sun to chairman SEOUL, October 17 (AJP) - South Korean conglomerate HD Hyundai on Friday appointed Chung Ki-sun, the third-generation heir of the conglomerate’s founding family, as chairman, formalizing his rise to the top of the nation's largest shipbuilding group. The move marks a generational transition and a shift toward owner-led management as the company prepares for a major corporate merger. Chung, 42, was promoted from senior vice chairman, a role he assumed last year. His elevation was announced as part of the group’s 2025 executive reshuffle, which aims to streamline decision-making ahead of the planned integration of four key subsidiaries — HD Hyundai Heavy Industries, HD Hyundai Mipo Dockyard, HD Hyundai Construction Equipment, and HD Hyundai Infracore. The promotion comes as former Chairman Kwon Oh-gap steps down from management to become honorary chairman. Kwon will remain CEO until the shareholders’ meeting in March 2026, when Chung is expected to assume full control of day-to-day operations. A graduate of Yonsei University with an M.B.A. from Stanford University, Chung has held several leadership roles within the group, including head of HD Hyundai’s management support division and chief executive of HD Hyundai Marine Solutions. In the latest reshuffle, Lee Sang-kyun and Cho Young-chul were promoted to vice chairmen, with Cho slated to serve as co-chief executive alongside Chung. Kim Seong-jun was appointed CEO of HD Hyundai Marine Solutions, while Moon Jae-young will head the soon-to-be merged HD Construction Equipment business beginning Jan. 1. Kim Wan-soo of HD Hyundai Robotics was promoted to president. The appointments, which will be finalized at upcoming board and shareholder meetings, are part of what the company described as a strategic effort to position HD Hyundai as a “comprehensive heavy industry group” equipped to compete in a volatile global market. “This leadership change reflects our commitment to pioneering a new era amid a challenging global business environment,” an HD Hyundai spokesperson said. “We aim to become the world’s leading heavy industry group through innovation and collaboration between new and seasoned executives.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-17 14:00:54

South Korea's HMM orders $2.3 billion fleet of LNG-powered container ships SEOUL, October 16 (AJP) - HMM, South Korea’s largest shipping company, said Thursday that it will order 12 eco-friendly container ships from domestic shipbuilders in a deal worth 3.05 trillion won ($2.3 billion), marking its first major local order in seven years. The 13,000 twenty-foot equivalent unit (TEU) vessels will be built by HD Hyundai Heavy Industries and Hanwha Ocean, two of South Korea’s leading shipbuilders. Each ship will run on liquefied natural gas (LNG), a lower-carbon alternative to conventional marine fuels. According to DNV, a Norwegian classification society, LNG can cut greenhouse gas emissions by more than 23 percent, nitrogen oxides by over 80 percent, and sulfur oxides by more than 99 percent compared with traditional fuels. The company already operates a fleet of cleaner vessels, including nine methanol-fueled and two LNG-fueled container ships. HMM last placed a major domestic order in 2018, commissioning 20 vessels — twelve 24,000-TEU ships and eight 16,000-TEU ships — for about 3.15 trillion won. It followed up with additional orders for twelve 13,000-TEU ships in 2021 and nine 9,000-TEU methanol-fueled vessels in 2023. “In the increasingly competitive global shipping environment, this investment will allow HMM to expand its capacity and strengthen its eco-friendly capabilities,” HMM said in a press release. “We plan to enhance our competitiveness through ongoing investments based on our mid- to long-term strategy.” The order is also expected to boost South Korea’s shipbuilding sector, which has been recovering from years of cyclical downturns, driven in part by rising global demand for low-emission vessels. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 14:20:07

Korean, Japanese firms to collaborate on Korea's power transmission upgrade SEOUL, October 16 (AJP) - South Korea's HD Hyundai Electric has joined forces with Hitachi Energy, a global leader in high-voltage direct current (HVDC) systems, to take part in South Korea’s ambitious West Coast energy highway project, a key step in the nation’s push toward renewable energy integration. The partnership was formalized on Thursday at the Korea-Sweden Sustainable Partnership Summit in Seoul, where Kim Young-gi, president of HD Hyundai Electric, and Niklas Persson, CEO of Power Solutions at Hitachi Energy, signed a strategic cooperation agreement. Under the deal, the two companies will collaborate on developing and localizing HVDC technology — essential for long-distance, high-efficiency electricity transmission — to strengthen South Korea’s energy infrastructure and align with the government’s localization policy. The agreement includes joint studies on contract models, project execution, and system components such as converters, transformers, and control systems. The West Coast energy highway is designed to enhance grid stability and accommodate the growing share of renewable power. Hitachi Energy has supplied more than 70 percent of related electricity transmission systems and completed South Korea’s first such project, connecting Wando and Jeju Island, in December 2023. HD Hyundai Electric contributed high-voltage transformers for that project. HD Hyundai Electric plans to use its Ulsan plant as a dedicated production base for HVDC transformers. The company said the move will enhance its ability to compete in global energy markets and support the government’s goal of developing domestic expertise in core power technologies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 13:41:32

SK Enmove forms joint venture in India for lubricant business SEOUL, October 16 (AJP) - South Korea’s SK Enmove has joined hands with India’s Gabriel India Limited to form a joint venture to expand its lubricant business in India. The agreement, signed Sept. 15 at SK’s Seorin headquarters in central Seoul, establishes SK Enmove Gabriel India, with SK Enmove holding a 51 percent stake and Gabriel India owning the remaining 49 percent, according to SK Enmove, Thursday. The venture plans to introduce a full range of products — including engine oil, gear oil, industrial lubricants and electric-vehicle lubricants — beginning in December. The two companies agreed to focus on expanding sales channels and building a premium brand presence across India, the world’s third-largest automobile market, SK Enmove said. India’s auto industry, buoyed by urbanization and a rising young population, produced 5.1 million passenger cars, 24.3 million two-wheelers and 1.1 million commercial vehicles in 2024, according to the Society of Indian Automobile Manufacturers. The industry is projected to grow more than 4 percent annually over the next five years, fueled by increasing demand for environmentally friendly vehicles. Gabriel India is part of the Anand Group, a major auto components supplier that operates 13 joint ventures with global companies including HL Holdings and Henkel. The group maintains a broad distribution network and long-standing partnerships with major automakers across the country — a foundation the new venture intends to use to accelerate market entry. “Combining Gabriel India’s extensive distribution network and market experience with SK Enmove’s advanced lubricant technology will rapidly expand our presence in the Indian market,” said Anjali Singh, chairperson of Gabriel India and the Anand Group. Kim Won-ki, president of SK Enmove, said the partnership with Anand Group would help position SK’s lubricants in the premium segment. “With this strategic partnership, we aim to elevate our brand and establish SK Enmove as a leading name in India’s lubricant market,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 09:25:36

Korean-made gas turbines will be exported to US for first time SEOUL, October 13 (AJP) - South Korea's Doosan Enerbility said Monday that it has signed a deal to export two large gas turbines to the United States, marking South Korea’s first overseas shipment of domestically developed turbine technology. Under the agreement, Doosan will supply two 380-megawatt gas turbines to a major U.S. technology company by the end of next year. The company did not identify the buyer but described the contract as a landmark step in its push to expand into global energy markets, and a milestone for South Korea’s power equipment industry. Doosan became only the fifth company in the world to develop large-scale gas turbine technology in 2019, following years of research and testing. Its model successfully completed more than 15,000 hours of operation in a local power plant, demonstrating commercial readiness. Since then, the company has secured contracts for eight turbines, all for domestic use — until now. The latest deal comes amid a surge in electricity demand driven by data centers and artificial intelligence infrastructure, which are fueling renewed interest in stable, high-capacity power sources such as gas turbines. Doosan’s U.S. subsidiary, Houston-based Doosan Turbomachinery Services, played a crucial role in finalizing the contract and will oversee maintenance for the units once installed. “This agreement marks South Korea’s transition from being an importer to an exporter of gas turbine technology,” said Son Seung-woo, head of Doosan Enerbility’s Power Service Business Group. “We will ensure high-quality production and timely delivery to strengthen trust with our customers and expand further into the U.S. and other global markets.” Industry analysts say the deal could open new opportunities for South Korean manufacturers in the global energy equipment market, traditionally dominated by American, European, and Japanese players. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 14:42:14