No qualifying author-owned investment thesis was confirmed in this post.
no investment thesis
Score3
Comments1
▶ Full Post Text
HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, and Samsung Heavy Industries, the three major South Korean shipbuilders collectively reported an operating profit of 6 trillion Korean won last year. This marks nearly a threefold increase compared to 2024, with performance nearing the "super cycle" levels seen around 2010 during the global shipbuilding boom.
According to industry sources on the 4th, the combined operating profit of the three companies reached 5.8758 trillion won last year, a 170.1% surge from 2.1747 trillion won in 2024. The trio achieved their first simultaneous profitability in 13 years in 2024, and profits grew sharply again last year. Sales also increased by 15.3% year-on-year to 53.2716 trillion won.
This growth stems from the global recovery of the shipbuilding industry and the consecutive orders and deliveries of high-value vessels, including LNG (liquefied natural gas) carriers. The International Maritime Organization (IMO) has been tightening environmental regulations, aiming to reduce greenhouse gas emissions from ships by 20% by 2030 compared to 2008 levels. This has led to an explosive global demand for eco-friendly vessel replacements. Korean shipyards, which hold a competitive edge over Chinese rivals in this sector, have benefited significantly.
Additionally, the three companies’ order backlog stood at $124.42 billion (180.6918 trillion won) as of the end of last year. With enough work piled up for over 3–4 years, the industry anticipates that the three firms will maintain robust performance this year.
Record-breaking results continued across the board. HD Korea Shipbuilding & Offshore Engineering, the mid-tier holding company of HD Hyundai’s shipbuilding division, reported an operating profit of 3.9045 trillion won last year, a 172.3% jump from the previous year, marking its highest ever. Hanwha Ocean saw its operating profit soar by 366.2% to 1.1091 trillion won. Samsung Heavy Industries recorded sales of 10.65 trillion won, re-entering the "10 trillion won sales club" for the first time in nine years. Its operating profit also rose by 71.5% year-on-year to 862.2 billion won.
[https://www.chosun.com/english/industry-en/2026/02/05/I3FYN56DUVE4RK6NYO4LCUYWKY/](https://www.chosun.com/english/industry-en/2026/02/05/I3FYN56DUVE4RK6NYO4LCUYWKY/)