South Korean Ship Engine Exports to China Reach $1.286 Billion Amid Boom
South Korea's ship engine exports to China reached $1.286 billion in 2022, marking a 24% increase from the previous year, driven by the growth of China's shipbuilding industry. Major contracts were secured by Hanwha Engine and HD Hyundai Marine Engine, with a significant portion of orders coming from Chinese shipyards. The demand for Korean dual-fuel engines is anticipated to rise due to their reliability, alongside ongoing investments in electric and ammonia dual-fuel technologies.
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South Korea's ship engine exports to China totaled $1.286 billion in 2022, a 24% increase year-on-year. This growth is attributed to the expansion of the Chinese shipbuilding industry, which holds 63% of global orders.
Hanwha Engine secured a 433.9 billion Korean won contract on January 14, while HD Hyundai Marine Engine signed contracts worth 24.259 billion and 62.15 billion Korean won on January 8 and 9, respectively. Approximately 47% of Hanwha's orders were from Chinese shipyards.
The demand for Korean-made dual-fuel engines is expected to rise as shipowners prefer their technical reliability. Hanwha Engine invested in Norwegian firm SEAM for electric propulsion systems, while HD Hyundai Heavy Industries developed an ammonia dual-fuel engine in 2024.
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