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The global leader in the construction of medium-sized ships,

Daehan Shipbuilding,
a leader in future innovation.

Sustainability

Daehan Shipbuilding Sustainability Report

Performance Record
(As of December 2024)

    144

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Challenge and Promise to the Ocean
We build with superior technology.

  • CRUDE OIL TANKER(SUEZMAX/AFRAMAX)

    Crude oil tankers are vessels used for transporting crude oil, playing a vital role in the global crude oil transportation industry. In particular, the crude oil tankers built by Daehan Shipbuilding are equipped with LNG Fuel System (LFS) technology, making them high-efficiency, eco-friendly vessels that meet the International Maritime Organization (IMO)'s environmental regulations. With this advanced technology, Daehan Shipbuilding has achieved the world’s top market share in the construction of Aframax-class crude oil tankers. The company was also recognized as a producer of World-Class Products by the Korea Ministry of Trade, Industry, and Energy for two consecutive years, 2020 and 2021.

  • PRODUCT CARRIER

    Product carriers transport the refined oil products derived from crude oil. Daehan Shipbuilding’s product carriers also comply with IMO’s environmental standards, offering high efficiency and eco-friendly features. Equipped with the latest fuel-saving technologies, these vessels have garnered global attention and recognition as “World-Class Products.”

  • SHUTTLE TANKER

    Shuttle tankers are the high-value-added vessels equipped with the advanced systems that allow them to maintain a stable position at sea despite strong waves, winds, and currents. They can safely berth with offshore oil production facilities to receive crude oil. The core systems include the DPS (Dynamic Positioning System) for automatic position maintenance and the BLS (Bow Loading System) for bow loading operations.

  • CONTAINER CARRIER

    Container ships transport goods packaged in containers, requiring relatively higher speeds than other cargo ships. Daehan Shipbuilding constructs container carriers ranging from 1,000 TEU to 8,000 TEU capacities, emphasizing diversity in ship types and strategic competitiveness enhancement.

  • BULK CARRIER

    Bulk carriers transport unwrapped goods such as grains, coal, and ores in powdered or granular form. Through its extensive experience and know-how, Daehan Shipbuilding provides top-class quality and service in the field.

CRUDE OIL TANKER(SUEZMAX/AFRAMAX)
Crude oil tankers are vessels used for transporting crude oil, playing a vital role in the global crude oil transportation industry. In particular, the crude oil tankers built by Daehan Shipbuilding are equipped with LNG Fuel System (LFS) technology, making them high-efficiency, eco-friendly vessels that meet the International Maritime Organization (IMO)'s environmental regulations. With this advanced technology, Daehan Shipbuilding has achieved the world’s top market share in the construction of Aframax-class crude oil tankers. The company was also recognized as a producer of World-Class Products by the Korea Ministry of Trade, Industry, and Energy for two consecutive years, 2020 and 2021.

PRODUCT CARRIER
Product carriers transport the refined oil products derived from crude oil. Daehan Shipbuilding’s product carriers also comply with IMO’s environmental standards, offering high efficiency and eco-friendly features. Equipped with the latest fuel-saving technologies, these vessels have garnered global attention and recognition as “World-Class Products.”

SHUTTLE TANKER
Shuttle tankers are the high-value-added vessels equipped with the advanced systems that allow them to maintain a stable position at sea despite strong waves, winds, and currents. They can safely berth with offshore oil production facilities to receive crude oil. The core systems include the DPS (Dynamic Positioning System) for automatic position maintenance and the BLS (Bow Loading System) for bow loading operations.

CONTAINER CARRIER
Container ships transport goods packaged in containers, requiring relatively higher speeds than other cargo ships. Daehan Shipbuilding constructs container carriers ranging from 1,000 TEU to 8,000 TEU capacities, emphasizing diversity in ship types and strategic competitiveness enhancement.

BULK CARRIER
Bulk carriers transport unwrapped goods such as grains, coal, and ores in powdered or granular form. Through its extensive experience and know-how, Daehan Shipbuilding provides top-class quality and service in the field.

Innovating New Horizons
with a Boundless Future

Innovating New Horizons
with a Boundless Future

Contract performance of the Year (As of December 2024)

    8

Consistent orders have led to positive results throughout the year.

Backlog (As of December 2024)

    26

    • SUEZMAX [CRUDE OIL TANKER]

      SUEZMAX [CRUDE OIL TANKER]
        19

    • AFRAMAX [CRUDE OIL TANKER]

      AFRAMAX [CRUDE OIL TANKER]
        5

    • SHUTTLE TANKER

      SHUTTLE TANKER
        3

  • SUEZMAX [CRUDE OIL TANKER]

    SUEZMAX [CRUDE OIL TANKER]
      19

  • AFRAMAX [CRUDE OIL TANKER]

    AFRAMAX [CRUDE OIL TANKER]
      5

  • SHUTTLE TANKER

    SHUTTLE TANKER
      3

A robust backlog ensures steady growth and operational stability.

Company News VIEW MORE

2024-10-14

DHshipbuilding Secures Multiple International Certifications for Eco-Friendly Ship Technology

  DHshipbuilding Secures Multiple International Certifications for Eco-Friendly Ship Technology     DHshipbuilding is accelerating the development of decarbonized vessels by obtaining a series of international certifications for eco-friendly ship technologies from global classification societies.   On September 4, the company received Joint Development Project (JDP) certification from Lloyd’s Register (LR) for its ammonia dual-fuel Suezmax crude oil tanker. Additionally, on September 6, DHshipbuilding obtained Approval in Principle (AIP) from DNV for the conceptual design of an LNG dual-fuel shuttle tanker.   Approval in Principle (AIP) verifies that the vessel’s design concept meets the required technical standards and is suitable for further development and construction.     [From left: Lee Sang-chul, Head of Technical Division (DHshipbuilding), Kim Young-doo, Far East Technical Director (Lloyd’s Register), Yoon Byung-soo, Team Leader (Samsung Heavy Industries)]   Since September 2022, DHshipbuilding has been conducting a joint research project with Lloyd’s Register (LR) on next-generation ammonia-fueled ships. The project aims to develop eco-friendly vessels by the first quarter of 2025.   During this research, DHshipbuilding successfully achieved approximately 4% fuel efficiency improvement by applying Samsung Heavy Industries’ Air Lubrication System (ALS), known as 'SAVER Air.' The ALS creates an air layer along the ship’s hull to reduce frictional resistance during navigation, resulting in improved fuel efficiency.   Ammonia dual-fuel ships are designed to operate using both conventional marine fuels and ammonia, requiring safety systems for fuel storage, supply, and handling. As ammonia produces no carbon emissions, it is gaining recognition as a next-generation eco-friendly marine fuel.                  [Photo 2. AIP Award Ceremony for Onboard Carbon Capture System]   On September 6, DHshipbuilding obtained Approval in Principle (AIP) from DNV for the conceptual design of an LNG dual-fuel shuttle tanker. Shuttle tankers are specialized vessels used to transport crude oil from offshore production facilities to onshore storage terminals.   In 2022, DHshipbuilding successfully delivered its first shuttle tanker and, in February 2024, secured orders for three additional units, demonstrating its technical expertise in the global market. Given the current global fleet of around 70 shuttle tankers, and with environmental regulations driving the need for vessel replacements, industry forecasts indicate that up to 50 new orders could be placed by 2030.   In addition to the AIP for the LNG dual-fuel shuttle tanker, DHshipbuilding also obtained AIP for integrating Panasia’s Onboard Carbon Capture and Storage (OCCS) system into a Suezmax crude oil tanker.   Furthermore, since January 2024, DHshipbuilding has been conducting another Joint Development Project (JDP) with DNV on ammonia-fueled vessels, reinforcing its commitment to eco-friendly maritime solutions.   Lee Sang-chul, Head of DHshipbuilding’s Technical Division, stated, "In line with the IMO’s 2050 Net Zero initiative, we are steadily working to secure key technologies such as ammonia and LNG dual-fuel systems, carbon capture solutions, and biofuels. At the same time, we will continue fostering partnerships with local communities, academia, and government agencies to promote sustainable growth.”  

2024-10-14

DHshipbuilding Signs Underwriting Agreement for IPO

  DHshipbuilding Signs Underwriting Agreement for IPO       DHshipbuilding is making swift progress toward its listing on the Korea Exchange’s KOSPI market. The company’s IPO preparations are proceeding smoothly from the initial stages, and it is anticipated that the listing could be completed as early as the second half of next year.   Upon successful listing, the company’s market valuation is expected to exceed 1 trillion KRW.   According to a company representative, DHshipbuilding signed a lead underwriting agreement on the 23rd of this month, appointing KB Securities Co., Ltd. and NH Investment & Securities Co., Ltd. as lead underwriters and ShinYoung Securities Co., Ltd. as co-lead underwriter.   DHshipbuilding is a leading midsize shipbuilder in Korea, specializing in Suezmax and Aframax tankers. In 2023, the company achieved 816.4 billion KRW in revenue, 35.9 billion KRW in operating profit, and 38.3 billion KRW in net income, marking a return to profitability.   Riding the wave of a booming shipbuilding industry, DHshipbuilding is on track for further success in 2024, with projected revenue of 1 trillion KRW and an operating margin exceeding 10%.   The company representative added, “As of the end of August 2024, DHshipbuilding has secured an order backlog of approximately 30 vessels, valued at 2.6 billion USD, covering about three years of work. We expect further performance improvements through 2027.”   Industry experts predict that DHshipbuilding’s IPO, if successful amid the ongoing shipbuilding industry boom, will not only be a significant event for the shipbuilding sector but will also attract considerable attention in the IPO market.  

2024-10-14

DHshipbuilding Rides the Momentum of Financial Turnaround, Setting Sails for IPO

  DHshipbuilding Rides the Momentum of Financial Turnaround, Setting Sails for IPO       DHshipbuilding, a global leader in midsize and large oil tankers, is gearing up to launch its initial public offering (IPO), leveraging strong financial performance. The company aims to complete the IPO by the second half of 2025 and is currently in the process of selecting underwriters.   According to the investment banking (IB) industry, DHshipbuilding is in active discussions with several leading securities firms that have expertise in shipbuilding IPOs.   The selection of lead underwriters and the appointment of an external auditor are expected to be finalized by the end of September.   Analysts predict that DHshipbuilding's IPO could become one of the biggest deals of 2025, given the company’s impressive financial turnaround and the resilience of the shipbuilding sector.   Since last year, shipbuilding stocks have surged by nearly 50%, reflecting the industry’s boom. DHshipbuilding has reported its best financial performance in company history, further accelerating this momentum.   The company’s financial rebound began in September 2022, following a strategic investment by the KHI Group. Since then, DHshipbuilding has focused on high-value vessel orders and aggressive marketing, which led to a significant rise in tanker prices.   The Aframax and Suezmax tankers—the company’s flagship products—have seen their prices surge by 40-50% from 2022 through the first half of 2024, contributing greatly to the company’s revenue and operating profit growth.   For the first half of 2024, DHshipbuilding reported revenue of 460 billion KRW and an operating margin of 12.5%—a remarkable achievement compared to the industry average of 7-10%. The company had only recorded an operating profit of 3.3 billion KRW in 2022, underscoring the rapid transformation in its financial health within just two years.   An IB official noted, "DHshipbuilding can build up to 12 ships per year using a single dock, and it has the infrastructure to produce ship blocks in-house, without outsourcing. This capability allows the company to effectively manage costs and shield itself from inflation, unlike larger shipbuilders, resulting in faster profitability and higher margins."   The KHI Group Chairman, Kim Kwang-ho, played a pivotal role in the transformation by eliminating inefficiencies and personally inspecting vessels under construction multiple times a day. His hands-on management style revitalized the company’s operations, and since September 2022, he has also taken on the role of managing director to oversee day-to-day management.   DHshipbuilding's future looks bright. As of August 2024, the company has secured an order backlog of 30 vessels, valued at 2.6 billion USD, providing work for the next three years. The company expects continued improvement in performance through 2027.   The company also achieved notable sales in the first half of 2024, including 13 new Suezmax tankers with eco-friendly features and three high-value shuttle tankers, demonstrating its ability to secure quality contracts despite competition from low-cost Chinese shipbuilders.   However, the issuance of Refund Guarantees (RG)—a crucial element for new orders—remains a challenge for many shipbuilders. For over a decade, due to sluggish market conditions and restructuring, only state-run banks such as Korea Development Bank have issued RGs, while commercial banks have been reluctant.   Fortunately, the government has taken action. In June 2024, the Ministry of Trade, Industry, and Energy, along with the Financial Services Commission, announced an expansion of RG support through the “K-Ship Export Financing Support Agreement.”   Under the new scheme, both regional and commercial banks will issue RGs to midsize shipbuilders, backed by the Korea Trade Insurance Corporation’s back guarantees. As part of this initiative, 2.6 billion USD in financing has been allocated to support nine vessels, with DHshipbuilding being the first to receive 170 million USD in RG support for six vessels.   Given the company’s strong performance amid the shipbuilding industry boom, DHshipbuilding’s IPO is expected to draw significant attention not only within the shipbuilding industry but also in the broader IPO market.    

2024-10-14

DHshipbuilding Achieves 'Grade 2' in 2023 ESG Evaluation, a Two-Level Improvement from Last Year

  DHshipbuilding Achieves 'Grade 2' in 2023 ESG Evaluation, a Two-Level Improvement from Last Year       DHshipbuilding, a global midsize shipbuilder, has earned a Grade 2 overall rating from a professional ESG evaluation agency, marking a significant recognition of the company’s ESG management efforts.     On the 26th, DHshipbuilding received ratings of E1 (Environment), S3 (Social), and G3 (Governance) in the 2023 ESG General Evaluation conducted by Korea Evaluation Data (KoDATA). This represents a two-level improvement from last year’s overall Grade 4 rating.     Notably, the company achieved E1 in the Environment category, up two levels from E3 in the previous year, and S3 in the Social category, a three-level improvement from last year’s S6. These improvements reflect the company’s rapid progress in a short period.     In the Environment category, DHshipbuilding was highly rated for: Establishing environmental goals aligned with its environmental management strategy Operating a dedicated environmental management department Conducting goal-specific monitoring Holding ISO 14001 certification for its environmental management system, obtained in accordance with International Maritime Organization (IMO) standards Ensuring no environmental regulation violations over the past year     In the Social category, the company was praised for: Maintaining an industrial accident rate lower than the industry average Implementing effective human rights policies and risk management processes Actively engaging in corporate social responsibility activities, including: Adopting the Jindo Namdong Beach under the coastal management initiative Supporting rural labor efforts in Hwawon-myeon, Haenam County Collaborating with local producers through agreements with Haenam County to source local agricultural and seafood products for the company cafeteria     Ryu Han-sol, Senior Manager of the ESG Team, stated, "The consecutive improvement in our ESG ratings over the past two years, especially outperforming our industry peers, demonstrates that ESG management has become deeply embedded in our company’s operations. We will continue striving toward achieving the highest ESG rating."     Since 2022, DHshipbuilding has established an ESG Committee and dedicated ESG organization to implement structured ESG management. Additionally, the company has published its Sustainability Management Report for two consecutive years, sharing its business achievements and management stories.