HD Hyundai is set to embark on a significant shipyard modernization project in the United States.
HD Korean Shipbuilding & Marine Engineering, a mid-holding company of HD Hyundai's shipbuilding division, announced on July 30 that it has signed a memorandum of understanding (MOU) with Fraser Industries to collaborate on modernizing shipyards as part of the revival of the U.S. shipbuilding industry.
The signing ceremony, held in Washington, D.C., was attended by key executives from both companies, including Kim Hyung-kwan, CEO of HD Korean Shipbuilding & Marine Engineering, and Patrick Kelly, CEO of Fraser Industries.
This agreement marks the first practical implementation of HD Korean Shipbuilding & Marine Engineering's new business objective, added in March, to develop and supply a digital engineering and manufacturing platform, positioning comprehensive shipyard construction solutions as a future growth driver.
Under the MOU, the two companies will collaborate throughout the entire shipyard lifecycle, including: assessing shipyard conditions and deriving solutions, designing yard and factory layouts, introducing robotics and automation equipment, optimizing costs, processes, quality, and productivity, applying AI and data-driven digital solutions, and expanding supply chains and training technical personnel.
To achieve this, HD Korean Shipbuilding & Marine Engineering plans to provide a package of essential elements and technologies needed for implementing smart shipyards, sharing its expertise in shipyard design, construction, production, and operational systems.
In particular, HD Korean Shipbuilding & Marine Engineering and Fraser Industries plan to sign a contract for a shipyard modernization consulting program within the year, using the Fraser Shipyard, located on the shores of Lake Superior, as a demonstration model for the revival of the U.S. shipbuilding industry.
Patrick Kelly, CEO of Fraser Industries, expressed his enthusiasm, stating, "We are very pleased to partner with HD Hyundai, which possesses the world's best technology, to introduce advanced techniques across all aspects of shipyard operations. This collaboration will be an important starting point for the revival of the U.S. shipbuilding industry."
Kim Hyung-kwan, CEO of HD Korean Shipbuilding & Marine Engineering, added, "We plan to support the Fraser Shipyard in becoming a cornerstone for the revival of the U.S. shipbuilding industry by providing the know-how needed from design to operation. We will also expand our collaboration into various areas to become a strong partner for the U.S. shipbuilding sector."
Meanwhile, HD Korean Shipbuilding & Marine Engineering reported consolidated revenues of 8.927 trillion won and an operating profit of 1.6451 trillion won for the second quarter.
* This article has been translated by AI.
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