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Most of the attention in Korea's shipbuilding value chain goes to the yards writing new orders. HD Hyundai Marine Solution sits somewhere else in the same chain: it makes its money after a ship is already built and already at sea. Market cap is about 8.9 trillion KRW, listed on the KOSPI. In the shipbuilding value chain, it occupies the maintenance, repair and overhaul (MRO) node — a different demand cycle from the newbuild yards that dominate the headlines. What the company actually does The business traces back to 2016, when Hyundai Heavy Industries spun off its after-sales division into a separate company, Hyundai Global Service. From there it expanded into bunkering and digital-control businesses, and listed on the KOSPI in May 2024. Four segments make up the core business: Ship parts supply Bunkering (marine fuel supply) Eco-friendly retrofit work on existing vessels Digital solutions for fleet operation None of this depends on new ships being ordered. The reve...
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