Hanwha Launches New Affiliate Rounding Off Its Total Shipbuilding Solutions Capabilities
With the launch of Hanwha Engine, South Korea’s shipbuilder Hanwha has become fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities.
Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share.
According to the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines, including ammonia.
At an extraordinary shareholders’ meeting held on February 27, the stakeholders voted in favor of launching a new engine manufacturer under the name Hanwha Engine Co., Ltd. The company appointed Moon Ghee Ryu, former head of Hanwha Impact’s Investment Strategy Department, as its CEO.
“The name Hanwha Engine, first and foremost, represents becoming a part of the Hanwha family but it also emphasizes having strong growth engines to propel new opportunities. Each of our executives and employees will provide customers with unrivaled value, take on challenges and self-innovate for the future,” said Ryu.
Hanwha Impact is Hanwha Engine’s majority shareholder with a 32.8% stake in the engine manufacturer.
Hanwha Engine is currently developing smart ship solutions for efficient ship operations and alternative fuel propulsion systems. Going forward, the company will expand its aftermarket business, offering post-sales support such as sales and repairs of ship parts.