HD Hyundai Marine Engine signs WinGD license agreement, secures global engine technology

[Financial News] HD Hyundai Marine Engine is moving to expand its engine lineup through a partnership with WinGD, a global licensor of core marine engine technologies. Alongside its existing Everllence engine lineup, the company will secure a production base for engines from both of the technology licensors that share the global marine propulsion engine market, and is expected to accelerate its push into the eco-friendly vessel market.
HD Hyundai Marine Engine said on the 30th that it signed a licensing agreement with WinGD on the 28th at its plant in Changwon, South Gyeongsang Province, for the manufacture and sale of marine propulsion engines. Executives from both companies attended the signing ceremony, including HD Hyundai Marine Engine CEO Yu Jeong-dae and WinGD Vice President Peter Krähenbühl.
Under the agreement, HD Hyundai Marine Engine secured the right to manufacture and supply in-house marine propulsion engines incorporating WinGD technology. In particular, it will be able to expand its lineup to include dual-fuel engines that use a range of fuels, including liquefied natural gas (LNG), ammonia, liquefied petroleum gas (LPG) and methanol.
As a result, HD Hyundai Marine Engine will add WinGD's engine lineup to the one it already offers from Everllence. The agreement lays the groundwork for the company to supply products tailored to customer needs, including vessel type, fuel type and engine brand.
As orders for eco-friendly vessels with dual-fuel propulsion grow across the global shipbuilding industry, shipowners are also weighing a wider range of criteria when choosing engines. HD Hyundai Marine Engine plans to use the license to increase production flexibility and meet new engine demand from shipyards at home and abroad.
The company is also continuing to grow its earnings. HD Hyundai Marine Engine reported revenue of 211.4 billion won and operating profit of 60.3 billion won in the third quarter of this year. Those figures were up 93.8% and 197%, respectively, from the same period a year earlier. The increases were driven by a rise in engine deliveries and a higher share of revenue from more profitable dual-fuel engines.
An HD Hyundai Marine Engine official said, “This agreement is significant because it further strengthens our position as a comprehensive marine engine manufacturer. We will continue to broaden customers' choices by diversifying our product lineup and actively respond to new demand from shipyards at home and abroad.”
[email protected] Jung Won-il Reporter