HD Hyundai Heavy Industries, a leading South Korean shipbuilder, has secured a lucrative contract with Peru for the construction of four warships. Valued at $463 million, this collaboration with a local shipyard marks a notable milestone in South Korea’s defense industry exports. The contract, facilitated in partnership with Peru’s state-owned shipbuilder, SIMA Peru SA, entails the construction of a diverse fleet for the Peruvian Navy. This includes one 3,400-ton frigate, one 2,200-ton offshore patrol vessel (OPV), and two 1,500-ton landing ships, which are slated for completion by 2029.
SIMA (Servicios Industriales de la Marina S.A., Shipyard Marine Industrial Services) is a Peruvian shipyard that operates as a state owned company established under private law in 1950 pursuing the activities of the former Naval Factory founded in 1845, and continually extending its operational capacity, first to the shipbuilding which SIMA pioneered in South America and then to the greatest metalworking structures manufacture, contributing to the defense and socio-economic development of Peru. The SIMA mainly serve the Navy of Peru as well as domestic and foreign private clients through a wide range of products.
HD Hyundai Heavy Industries has expressed its ambition to further its involvement in Peru’s naval projects. With an eye on an upcoming tender organized by the Peruvian Navy, the company aims to secure additional contracts for the construction of five frigates, four OPVs, and two landing craft. This move underscores South Korea’s commitment to bolstering its defense industry exports. A subsidiary of HD Korea Shipbuilding & Offshore Engineering (HD KSOE), HD Hyundai Heavy Industries forms a crucial part of South Korea’s maritime manufacturing sector. Alongside HD Hyundai Mipo Dockyard and HD Hyundai Samho Heavy Industries, it contributes to the nation’s prowess in naval engineering.
Previously known as Hyundai Heavy Industries Holdings, HD Hyundai has rebranded itself while maintaining HD KSOE as a subsidiary within its corporate structure. This strategic move reflects the company’s commitment to adaptability and innovation in an ever-evolving global defense market. South Korea’s defense industry exports have been on a steady rise, with estimates suggesting that the value of export contracts in this sector has exceeded $30 billion, particularly in the aftermath of the Ukraine-Russia War. This underscores the growing significance of South Korea as a key player in the international defense market.
