South Korean conglomerate Hanwha Group has unveiled a new engine manufacturing company as it moves to take a larger market share of the marine propulsion sector.
It said Hanwha Engine was launched after the group concluded its takeover of HSD Engine, which the group claims is the “world’s second-large marine engine company in terms of market share”.
HSD is a specialist in low-speed marine propulsion systems.
The new chief executive for Hanwha Engine has been named as Moon Ghee Ryu, who formerly headed up Hanwha Impact’s investment strategy department.
Ryu said Hanwha Engine will “take on challenges” and “self-innovate for the future”.
Hanwha Impact — the group’s venture capital investment company which was at the helm for the acquisition of HSD Engine in 2023 — will be Hanwha Engine’s majority shareholder with a 32.8% stake in the new company.
The parent group said: “By adding Hanwha Engine to its list of affiliates following the acquisition of Hanwha Ocean last year, Hanwha is fully equipped to provide total shipbuilding solutions including engine production with in-house manufacturing and technology capabilities.”
The new company aims to supply sister shipbuilder Hanwha Ocean and other yards globally.
The group and its new engine manufacturing arm also have their eye on the alternative fuels business.
“Hanwha plans to actively develop and commercialise ships powered by eco-friendly fuels, including ammonia,” the group said.
“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.”
