Hanwha Ocean is set to commercialize key ship equipment based on its eco-friendly and cryogenic gas technologies, expanding into external sales. The company plans to supply essential systems for fuel supply and gas treatment to domestic and international shipyards and owners through its newly established Next Energy System (NES) division, which was launched in July. This approach mirrors the business model developed by HD Hyundai Heavy Industries' SD division, which was established in 2022.
According to industry sources, Hanwha Ocean has accelerated its efforts in identifying business items and expanding its organization since the NES division was created on July 1. The NES division is tasked with productizing core equipment and energy system technologies that were previously in the research and development phase.
Hanwha Ocean has accumulated relevant technologies for handling fuel and cryogenic gases in the fields of LNG carriers and eco-friendly ships. The establishment of the NES division is seen as a move to diversify revenue sources by commercializing existing technologies into separate products and systems rather than acquiring new technologies.
To achieve this, Hanwha Ocean is building an organization within the NES division that encompasses the entire product business process, including product planning, system design, purchasing and supply chain management, sales, quality assurance, commissioning, and after-sales service. Recently, the company has also been hiring experienced professionals across all functions, including planning, development, design, purchasing, and quality control.
Notably, the system sales sector will focus on identifying supply opportunities for NES systems among domestic and international shipyards, owners, and partners. This includes responding to orders and bids, negotiating estimates and contracts, and ensuring inclusion in the makers' list of shipowners. The structure goes beyond developing equipment for internal use, establishing an independent system business targeting external customers.
The business model is similar to that of HD Hyundai Heavy Industries' SD division. HD Hyundai Heavy Industries established its SD division in 2022 to design eco-friendly ship fuel supply equipment and gas treatment systems, managing equipment procurement, quality, delivery, and commissioning after ship installation.
HD Hyundai Heavy Industries' SD division has been expanding its business centered on fuel supply and gas treatment systems that respond to the transition to eco-friendly and alternative fuels such as LNG, LPG, and methanol. Recently, it has broadened its product range to include next-generation fuel supply systems based on ammonia and methanol, as well as standalone tanks and re-liquefaction and regasification equipment. The supply network is also expanding beyond HD Hyundai's shipbuilding affiliates to include domestic and international shipyards.
Industry insiders suggest that Hanwha Ocean has benchmarked the business structure of HD Hyundai Heavy Industries' SD division. Both divisions aim to create separate products from core equipment and systems for eco-friendly ships to supply to external customers, indicating significant similarities in their business directions.
An industry source stated, "Looking at the organizational structure and business direction, there are many similarities to HD Hyundai Heavy Industries' SD division. This can be interpreted as a strategy to quickly secure competitiveness by referencing a model that has already been commercialized in the market."
* This article has been translated by AI.
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