Hanwha Engines (formerly HSD Engines) announced on Aug. 20 that it has signed a marine engine supply contract with a private Chinese shipbuilder, New Times Shipbuilding.
The contract period is from Aug. 19, 2024 to June 25, 2028, with a contract value of 233 billion won ($174 million), equivalent to 27.3 % of Hanwha Engine’s 2023 operating revenue. Hanwha Engine said the contract period is subject to change depending on the shipbuilding schedule.
Hanwha Engine, formerly known as HSD Engine, the world’s second-largest manufacturer of marine low-speed engines, was acquired by Hanwha Group in February 2023, and the acquisition was completed in February 2024 and renamed Hanwha Engine. The acquisition took one full year.
Hanwha Engine has established itself as a leader in the marine engine field based on its unrivaled technology. Hanwha Engine, which maintains second place in the global market share of low-speed engines used for propulsion of large ships, supplies low-speed marine engines to leading domestic and overseas shipyards, including Hanwha Ocean.
In 2013, Hanwha Engine successfully commercialized the world’s first dual-fuel marine low-speed engine, and also took the lead in developing the world’s first marine environmentally friendly LP SCR facility, which was successfully commercialized in 2014.LP SCR is an environmental friendly facility that removes more than 90% of nitrogen oxides (NOx) from exhaust gases.
Hanwha Group said it will actively promote the development and commercialization of engines using environmental fuels such as ammonia, based on Hanwha Engine’s rich experience in marine engine manufacturing and group synergies. Hanwha Engine is also currently working on the development of smart ship solutions for efficient ship operations and environmental fuel propulsion systems.