HD Hyundai Marine Solutions Signs Largest Ever Long-Term Ship Maintenance Contract
$60 Million Ship AM Service Contract
HD Hyundai Marine Solutions, a comprehensive solution company in HD Hyundai's marine industry sector, has signed the largest long-term ship maintenance contract in its history.
On the 29th, HD Hyundai Marine Solutions announced that it had signed a Long Term Service Agreement (LTSA) worth 60 million USD (approximately 82.9 billion KRW) with a European shipping company. This is the largest amount ever for a single transaction.
Under this contract, HD Hyundai Marine Solutions will supply parts and equipment to 38 vessels belonging to the shipping company's fleet and provide stable maintenance services through dedicated engineers until 2029.
Generally, shipping companies and shipowners adopt LTSA strategies to minimize the time required for parts replacement, repairs, and maintenance, thereby maximizing vessel operating time. This is why the global ship After Market (AM) industry, estimated at 100 billion USD (approximately 13.819 trillion KRW), is attracting attention as a stable revenue source.
To this end, HD Hyundai Marine Solutions has built and is utilizing a program that forecasts future demand for parts and equipment and optimizes inventory levels. At the same time, it is strengthening global sales through an LTSA-dedicated organization and overseas subsidiaries.
Lee Ki-dong, CEO of HD Hyundai Marine Solutions, stated at a press conference held ahead of the IPO in April this year, "To expand the company's cash cow AM business, 40% of the funds raised through the public offering will be invested in building logistics infrastructure and securing domestic and international port warehouses."
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A representative of HD Hyundai Marine Solutions said, "As the AM market is expected to grow steadily with the increase in ship transportation volume, we will maintain our position as a global leading company through optimal service and quality."
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