J Ocean Heavy Industries Signs Definitive Agreement with HD Hyundai Heavy Industries for Gunsan Shipyard... Shipbuilding to Begin Early Next Year

Facility Upgrades to Follow Asset Transfer by Year-End
Building Complete Vessel Production System
Boosting Regional Economic Vitality Expected

J Ocean Heavy Industries has signed a definitive agreement with HD Hyundai Heavy Industries for the transfer of assets related to the Gunsan Shipyard. Once the asset transfer is completed by the end of the year, the company plans to carry out maintenance of production facilities and begin shipbuilding operations early next year.

On the 26th, at Gunsan Shipyard in the Gunsan 2nd National Industrial Complex, Jeaosun Heavy Industries and HD Hyundai Heavy Industries signed an asset transfer and business cooperation agreement. From left in the photo: Congressman Heeseung Park, Congressman Uigyeom Kim, Governor-elect of Jeonbuk Special Self-Governing Province Won-taek Lee, Jeaosun Heavy Industries CEO Hwajeong Ha, HD Hyundai Heavy Industries President Seokho Geum, Minister of Land, Infrastructure and Transport Yoonduk Kim, and Mayor-elect of Gunsan Jaejun Kim. Jeaosun Heavy Industries. Photo by Jeaosun Heavy Industries.

On June 26, J Ocean Heavy Industries announced that it had signed an asset transfer and business cooperation agreement with HD Hyundai Heavy Industries at the Gunsan Shipyard, located in the Gunsan 2nd National Industrial Complex in Jeonbuk Province.

The signing ceremony was attended by Yunduk Kim, Minister of Land, Infrastructure and Transport; Won-taek Lee, Governor-elect of Jeonbuk Special Self-Governing Province; Jaejun Kim, Mayor-elect of Gunsan; Uigyeom Kim and Heeseung Park, National Assembly members; as well as over 50 other local political and government officials, and industry figures including Sanghee Heo, Vice Chairman of HJ Shipbuilding & Construction, Seokho Geum, CEO of HD Hyundai Heavy Industries, and Hwajeong Ha, CEO of J Ocean Heavy Industries.

EcoPrime Marine Pacific, the parent company of J Ocean Heavy Industries, signed a Memorandum of Agreement (MOA) with HD Hyundai Heavy Industries last March regarding the transfer of Gunsan Shipyard assets, followed by approximately three months of on-site due diligence and verification. Subsequently, J Ocean Heavy Industries, established to operate the Gunsan Shipyard, finalized the definitive agreement on this day.

J Ocean Heavy Industries plans to proceed with the acquisition of Gunsan Shipyard in stages and develop it into a shipyard capable of constructing complete vessels. After the asset transfer is completed by the end of the year, the company aims to enhance infrastructure and upgrade equipment, with the goal of commencing the shipbuilding process for secured orders early next year.

EcoPrime Marine Pacific intends to leverage HJ Shipbuilding & Construction's design expertise, eco-friendly ship technology, and global network to strengthen the competitiveness of the Gunsan Shipyard.

The company expects that, once Gunsan Shipyard is equipped for complete vessel construction, it will contribute to revitalizing the regional shipbuilding industry and local economy by increasing work for shipbuilding equipment suppliers and partner companies, as well as creating jobs. The ripple effect is also expected to extend to related industries such as steel, materials, and parts manufacturing, as well as downstream sectors including shipping and port logistics.

A representative of J Ocean Heavy Industries stated, "This acquisition not only secures the land and facilities of the shipyard but also serves as an opportunity to establish a new growth foundation for industry and the economy in the Jeonbuk region. We will thoroughly prepare to ensure that new orders and production preparations proceed without any setbacks."

This content was produced with the assistance of AI translation services.