HD Hyundai Heavy Industries NAVAL & MEDIUM SIZE SHIPS

HD Hyundai Heavy Industries (HD HHI) has become the first Korean shipyard to secure an overseas icebreaker contract, marking a landmark entry into the polar special-purpose vessel market. The company announced on April 22 that it has signed a shipbuilding agreement with the Swedish Maritime Administration (SMA) for one dedicated icebreaker valued at approximately USD 348.9 million (KRW 514.8 billion).

The contract runs from April 21, 2026 to August 28, 2029, with delivery of the vessel scheduled for 2029. Upon delivery, the ship will operate in the Baltic Sea, performing icebreaking escort, convoy assistance, towing, and ice management duties.

This contract was secured in direct competition with Finland and Norway — traditional leaders in polar shipbuilding — making it the first time a Korean shipyard has broken into the global icebreaker market. The Korean Embassy in Stockholm and KOTRA's Stockholm trade office provided key support throughout the bidding process.

Icebreakers are high-value vessels engineered with reinforced hulls, powerful propulsion systems, and specialized hull forms designed to navigate and open routes through ice-covered waters. Demand for such vessels is growing rapidly as competition intensifies over Arctic shipping route development and resource extraction. The United States has expanded its icebreaker budget to approximately USD 9 billion, and together with Canada and Finland has formed the "ICE Pact" — a cooperative framework targeting the construction of 70 to 90 icebreakers over the next decade.

HD HHI plans to leverage this contract as a springboard into the broader market for naval vessels and special-purpose ships requiring icebreaking capability, extending its presence in polar and Arctic operations.