On July 24, HD Hyundai Marine Solution (formerly HD Hyundai Global Service), a comprehensive solutions subsidiary in the marine industry under HD Hyundai Group, released its first-half performance report.
The report shows that in the first half of 2025, HD Hyundai Marine Solution achieved revenue of 953.3 billion KRW (approximately $680 million, 4.85 billion RMB), a year-on-year increase of 16.1%; operating profit reached 166 billion KRW (approximately $120 million, 840 million RMB), up 35.5% year-on-year; the operating profit margin was 17.4%. Both revenue and operating profit set new record highs for a half-year performance since the company’s establishment in 2016.
In the second quarter alone, the company posted revenue of 467.7 billion KRW (approximately $330 million, 2.38 billion RMB), up 6.8% year-on-year; operating profit was 83 billion KRW (approximately $60 million, 420 million RMB), a 16.9% increase; net profit stood at 53 billion KRW (approximately $40 million, 270 million RMB), rising 6.5% year-on-year; the operating profit margin was 17.7%.
Industry insiders in South Korea noted that HD Hyundai Marine Solution’s core business—the aftermarket (AM) services for ship components, maintenance, and repairs—is a high-value-added sector, and its explosive growth has only just begun.
By business segment, the company’s AM revenue in the first half grew 11.6% year-on-year, driven by a significant increase in long-term maintenance contracts for eco-friendly dual-fuel engines, playing a leading role in overall performance growth. Meanwhile, revenue from digital solutions—a future growth driver—rose 12.8% year-on-year, maintaining momentum due to stricter global environmental regulations and increased new shipbuilding demand, with new digital-based businesses like shaft generator systems officially launching.
However, revenue from eco-friendly retrofitting declined 5.2% year-on-year in the first half, primarily because shipowners delayed investment decisions on related projects during the transition period ahead of new maritime environmental regulations. Industry analysts in South Korea believe that the company’s “engine partial load optimization” projects, secured in the first half, will advance in the second half, leaving ample room for performance improvement in eco-friendly retrofitting.
An HD Hyundai Marine Solution representative stated, “Leveraging differentiated competitiveness, we have expanded our client network to the Middle East and broader Asia. To address increasingly stringent maritime environmental regulations, we plan to further solidify our leadership in high-value-added sectors like eco-friendly engines and smart solutions.”
Formerly known as HD Hyundai Global Service, HD Hyundai Marine Solution was established in 2016 as a spin-off from HD Hyundai Heavy Industries, becoming South Korea’s first specialized company focused on full-lifecycle after-sales services for ships, including maintenance, repair, and retrofitting. Over time, its business expanded into engineering-based eco-friendly retrofitting, bunkering, and digital solutions.
In 2017, the company reported revenue of 240.3 billion KRW (approximately $190 million, 1.28 billion RMB) and operating profit of 54.6 billion KRW (approximately $43 million, 290 million RMB). By 2022, revenue grew to 1,333.8 billion KRW (approximately $1 billion, 6.726 billion RMB), with operating profit reaching 142 billion KRW (approximately $110 million, 740 million RMB).
In November 2023, HD Hyundai Global Service was renamed HD Hyundai Marine Solution. The company explained that the rebranding reflects its ambition to expand beyond its core business of ship and engine component supply and services, aiming to provide comprehensive solutions for the marine industry through eco-friendly and digital solutions, thereby fostering new growth drivers. This includes leading sustainable development in the marine sector through green technologies and digital transformation, evolving into a comprehensive solutions provider.
2024 marks the first full year since HD Hyundai Marine Solution’s rebranding and official transition. The company achieved revenue of 1,745.5 billion KRW (approximately $1.286 billion, 9.16 billion RMB), up 22% year-on-year, and operating profit of 271.7 billion KRW (approximately $200 million, 1.425 billion RMB), a 35% increase. The annual operating profit margin reached approximately 15.57%, demonstrating strong growth momentum.
HD Hyundai Marine Solution expressed optimism about its future prospects. With sustained growth in new ship orders in recent years, new ship deliveries are expected to rise rapidly over the next 2-3 years, significantly increasing maintenance demand. Additionally, stricter environmental regulations like carbon reduction will drive continuous growth in eco-friendly retrofitting needs. Thus, the favorable market environment for HD Hyundai Marine Solution is likely to persist.
Accordingly, the company has set its 2025 revenue target at 2,055.6 billion KRW (approximately $1.412 billion, 10.3 billion RMB), aiming to surpass 2 trillion KRW in annual revenue for the first time since its founding.
