Proactive Response to Growing Domestic and International Naval Vessel Maintenance Demand
Continued Efforts for Regional Economic Revitalization and Co-Growth
Hanwha Ocean (CEO Kim Heecheol, President) has officially begun its efforts to establish the leading MRO (Maintenance, Repair, and Overhaul) hub in the Indo-Pacific region.
In response to the continuously increasing domestic and international demand for naval vessel maintenance, the company is proactively and preemptively engaging with local communities.
On May 14, Hanwha Ocean held the kick-off meeting for the "Ship MRO Cluster Council" at the Hanwha Ocean Geoje plant. At this meeting, Hanwha Ocean signed a memorandum of understanding (MOU) with 15 companies, including shipyards such as Seongdong Shipbuilding and SK Oceanplant, and maintenance and equipment specialists from the Busan and Gyeongnam regions, to establish the foundation for the naval vessel maintenance industry and promote regional co-growth.
Hanwha Ocean held the launch event of the "Ship MRO Cluster Council" on the 14th at the Hanwha Ocean Geoje plant, attended by representatives of 15 regional partner companies and Eo Seongcheol, Head of Hanwha Ocean's Special Ship Division (President, 6th from the left in the front row). Photo by Hanwha Ocean
The core objective of the Ship MRO Cluster Council is to establish a comprehensive cooperation system between Hanwha Ocean and regional companies and to strengthen partnerships for mutual growth. To achieve this, Hanwha Ocean will carefully evaluate the potential for collaboration and strategic partnerships with local shipyards and maintenance specialists, and will pursue differentiated collaboration strategies.
With companies selected as strategic partners, Hanwha Ocean plans to subdivide the details of cooperation from the initial contract stage and pre-share project plans for each item.
Going forward, the Ship MRO Cluster Council will focus on discussions regarding: enhancing the competitiveness and expanding the business model of the naval vessel MRO business; identifying pre-cooperation models for entering domestic and international MRO markets; securing equipment supply chains (SCM) from an MRO business perspective; shortening business preparation periods and minimizing risks; and improving maintenance performance and operational availability of naval vessels.
The 15 companies that signed the MOU are mostly ship maintenance and equipment firms based in the Busan, Gyeongnam, and Geoje regions. Hanwha Ocean, drawing on its accumulated experience and capabilities as a leader in the global shipbuilding industry, has already established a production system for naval vessel maintenance parts in cooperation with over 1,000 equipment and component companies in Busan, Gyeongnam, and Geoje.
In particular, in last year's MRO project for the US Navy 7th Fleet's USNS Yukon, Hanwha Ocean pioneered the path of regional co-growth by leasing a mid-sized shipyard site in the Geoje area to conduct preliminary repair work. The aim is to revitalize the local economy through the expansion of the MRO business.
Kim Daesik, Executive Director in charge of Special Ship MRO Business at Hanwha Ocean, stated, "Through the formation of the Ship MRO Cluster Council, we plan to build a new growth ecosystem for the global defense industry and local industries," adding, "We will make Hanwha Ocean's ship cluster the top MRO hub in the Indo-Pacific region and enter the North American MRO market."
Last year, Hanwha Ocean became the first in the domestic shipbuilding industry to win MRO contracts for two US Navy vessels. In March, the first MRO ship, the USNS Wally Schirra, successfully completed maintenance and set sail, while the subsequently awarded USNS Yukon is currently undergoing maintenance with the goal of departing at the end of May.
The global naval vessel MRO market is projected to grow from approximately 78.7 trillion won in 2024 to 86.7 trillion won by 2029. The largest market, the US MRO market, is estimated to be worth about 20 trillion won.
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