On January 7, South Korean engine manufacturer Hanwha Engine announced that it has received an order for marine engines worth KRW 629.2 billion (US$432 million). The delivery date is November 2028, with a 20% advance payment for the order and a final payment of 80% upon delivery.
Hanwha Engine said the contract was the company’s largest order for marine engines ever. Hanwha Engine did not reveal the name of the customer, but considering the scale of the contract, it is estimated that the order was placed by a Chinese shipyard.
The Hanwha Engine stock market opened up more than 12 percent on the positive news.
Hanwha Engine, formerly known as HSD Engine Company (HSD Engine), the world’s second largest manufacturer of marine low-speed engines, was established in 1983 and has produced marine low-speed engines exceeding 100 million horsepower.
Hanwha Group entered into an acquisition agreement with HSD Engine in February 2023, and completed the acquisition in February 2024 and changed its name to Hanwha Engine.