HD Hyundai Global Service Changes Name to HD Hyundai Marine Solution

HD Hyundai Global Service is changing its name to HD Hyundai Marine Solution and transforming into a comprehensive solutions company in the marine industry.

On the 23rd, HD Hyundai Marine Solution held a board meeting and an extraordinary general meeting of shareholders, where it approved an amendment to the articles of incorporation to change the company name from HD Hyundai Global Service to 'HD Hyundai Marine Solution (HD HYUNDAI MARINE SOLUTION)'.

The new name, HD Hyundai Marine Solution, reflects the company's commitment to providing all solutions needed for the marine industry and leading a sustainable future for the marine sector through eco-friendly technology and digital transformation.

HD Hyundai Marine Solution started in 2016 as the industry's first specialized company for 'Aftersales Service' covering the entire lifecycle of ships, including maintenance, repair, and modification.

Since then, it has expanded its business into eco-friendly retrofitting based on engineering, bunkering, and digital solutions. As a result, sales and operating profit, which were 240.3 billion KRW and 54.6 billion KRW respectively in 2017 at its inception, significantly increased to 1.3338 trillion KRW and 142 billion KRW last year, just five years later.

As the scope of business expanded and sales grew, there were ongoing internal concerns that the existing company name was insufficient to fully represent future value. The name change to HD Hyundai Marine Solution clearly expresses the company’s intention to secure new growth engines by expanding its core business beyond ship and engine parts supply and services to full-scale eco-friendly and digital solutions. This change comes seven years after the company was established as a separate entity from HD Hyundai Heavy Industries in 2016.

Lee Ki-dong, CEO of HD Hyundai Marine Solution, stated in his opening remarks at the extraordinary general meeting, "With this name change as a turning point, HD Hyundai Marine Solution will play a central role in sustainable marine industry development based on HD Hyundai’s 50 years of accumulated technology and know-how, achieving greater leaps forward."

Meanwhile, along with the name change in the articles of incorporation, HD Hyundai Marine Solution decided to introduce an outside director system to strengthen the independence of the board and enhance management transparency.

This content was produced with the assistance of AI translation services.