Recently, HD Hyundai Marine Solution, a comprehensive solution subsidiary in the marine industry sector under HD Hyundai Group (formerly HD Hyundai Global Service), released its performance forecast for the first quarter of 2026. It achieved operating revenue of 574.6 billion KRW (approximately USD 396 million or RMB 2.643 billion based on the average exchange rate for the first quarter), a year-on-year increase of 18.3%; achieved operating profit of 93.4 billion KRW (approximately USD 64.3 million or RMB 430 million), a year-on-year increase of 12.5%; achieved net profit of 98.1 billion KRW (approximately USD 67.53 million or RMB 451 million), a year-on-year increase of 55%.
HD Hyundai Marine Solution stated that the company’s performance growth in the first quarter was mainly attributed to the expansion of its core business—the After Market (AM) business related to services such as ship parts and ship maintenance and repair—as well as the stable growth of its marine fuel bunkering business. According to statistics, the cumulative number of ships to which HD Hyundai Marine Solution has provided AM services has reached 10,000.
Among these, the AM business, centered on large engines and the medium-sized engine “HiMSEN”, drove revenue scale expansion; at the same time, new orders, including a power generation equipment maintenance contract for an Ecuadorian power company, continued to increase, enabling this business segment to achieve a good performance with a year-on-year revenue increase of 21.4%.
In terms of the digital solutions business, rapid growth was driven by product line diversification, including the Integrated Control System (ECS) applied to unmanned surface vessels for Anduril Industries in the United States, leading to a year-on-year revenue increase of 33.3% for this business segment.
A relevant official from HD Hyundai Marine Solution stated: “In the future, the company will further strengthen the competitiveness of its high-value-added AM business centered on engines, while expanding its eco-friendly and digital business layout, continuously optimizing the company’s business structure and portfolio.”
Looking ahead, HD Hyundai Marine Solution stated that following the signing of a contract on April 21st between HD Hyundai Heavy Industries and US energy infrastructure development company Aperion Energy Group (AEG) for the supply of power generation equipment based on 20 MW-class HiMSEN engines, valued at 627.1 billion KRW (approximately USD 426 million or RMB 2.9 billion), market expectations for synergistic growth continue to strengthen. As the equipment supplied by HD Hyundai Heavy Industries will be used for US data center power infrastructure requiring stable, large-scale power supply, and HD Hyundai Marine Solution will exclusively undertake the MRO (Maintenance, Repair, and Operations) business for the related engines, particularly because the operating hours of engines for data centers are longer than those for marine engines, the company is also expected to secure a sustainable source of revenue.
Regarding the actual revenue recognition timing for this business, HD Hyundai Marine Solution stated: “Engine deliveries are expected to begin in the second half of 2028. Subsequently, after local construction and trial operation are completed, the formal operation phase will commence between 2029 and 2030. As operating hours accumulate and the maintenance cycle begins, substantial revenue will start to be generated at that time.”
A relevant official from HD Hyundai Marine Solution stated at the first-quarter performance briefing: “The US data center onshore power generation market is an area the company has been focusing on since the beginning of the year. We believe the growth potential for local data center electricity demand is enormous. Although it is still in the early stages, we expect there will be sufficient market demand.”
HD Hyundai Marine Solution also stated that, in addition to marine engine after-sales service, the company will accelerate its expansion into emerging markets such as onshore power generation and Floating Data Centers (FDC).
Furthermore, HD Hyundai Marine Solution is actively pursuing large-scale project orders in its traditional area of strength—the ship conversion market. Currently, the company is negotiating with regions including Brazil, South Africa, and Southeast Asia regarding projects to convert LNG carriers into FSUs (Floating Storage Units) and FSRUs (Floating Storage and Regasification Units), targeting the achievement of substantial orders in the second to third quarters of this year.
In terms of global布局, after completing the Busan Logistics Center, HD Hyundai Marine Solution also completed the Singapore Logistics Center in the first half of this year, thereby establishing a “dual-center” system. Initially, the Singapore Logistics Center will focus on securing the supply of core engine parts, and plans to expand the supply scope to the entire ship equipment sector from 2027, leveraging strategic nodes around the Malacca Strait to enhance global supply chain responsiveness.
HD Hyundai Marine Solution, formerly known as HD Hyundai Global Service, was established in 2016 as a separate legal entity spun off from HD Hyundai Heavy Industries. It is also the first specialized company in the Korean industry to start with the after-sales service business covering the entire lifecycle of ships, including maintenance, repair, and conversion. After its establishment, the business gradually expanded into engineering-based eco-friendly conversion, bunkering, and digital solution fields.
In November 2023, the company was renamed HD Hyundai Marine Solution, aiming to transcend the scope of its original core businesses of supplying ship and engine parts and services, and to create new growth drivers by expanding eco-friendly and digital solution businesses to provide all necessary solutions for the marine industry.
In 2024, the company achieved operating revenue of 1,745.5 billion KRW (approximately USD 1.286 billion or RMB 9.16 billion), a year-on-year increase of 22%; achieved operating profit of 271.7 billion KRW (approximately USD 200 million or RMB 1.425 billion), a year-on-year increase of 35%. The full-year operating profit margin reached approximately 15.57%.
In 2025, the company achieved operating revenue of 1,982.7 billion KRW (approximately USD 1.394 billion or RMB 10 billion), a year-on-year increase of 13.6%; achieved operating profit of 350.1 billion KRW (approximately USD 246 million or RMB 1.766 billion), a year-on-year increase of 28.9%; the operating profit margin was approximately 17.7%. Both operating revenue and operating profit set new records for the company since its establishment in 2016.
It is reported that HD Hyundai Marine Solution has set its 2026 operating revenue target at 2,334.9 billion KRW (approximately USD 1.6 billion or RMB 11.12 billion), planning to achieve annual operating revenue exceeding the 2 trillion KRW mark for the first time since its establishment.
