In February this year, Hanwha Group completed the acquisition of HSD Engine, now rebranded as Hanwha Engine, investing 230 billion won ($170 million), according to BusinessKorea.
HD Hyundai's intermediate holding company, HD Korea Shipbuilding & Offshore Engineering, finalized the acquisition of STX Heavy Industries with an investment of 81.3 billion won, renaming it HD Hyundai Marine Engine.
According to industry sources on August 3, HD Hyundai Heavy Industries is in the final stages of preparing to launch the “Ammonia-Fueled HiMSEN Engine (H22DF-LA)” next month. This engine is set to become the world's first ammonia engine with class approval, potentially as early as September this year. An official from HD Hyundai Heavy Industries stated, "The ammonia-fueled HiMSEN Engine is expected to become the world's first ammonia engine to obtain class approval."
The ammonia-fueled HiMSEN Engine (H22DF-LA) is a dual-fuel engine capable of operating on both diesel and ammonia. The engine is currently awaiting class approval, a rigorous process where a classification society ensures compliance with specified regulations. Once approved, the engine is expected to be primarily installed on tankers, aligning with the International Maritime Organization's (IMO) goal to reduce carbon dioxide emissions from ships by 100% by 2050. Ammonia, which does not emit any carbon dioxide, is seen as a favorable fuel option in the context of decarbonization.
HD Hyundai Heavy Industries currently holds a leading position in the global ship engine market with a 35% market share. Following the acquisition of STX Heavy Industries, this share is expected to rise to 40%, further solidifying its dominance. The competition between HD Hyundai and Hanwha Engine is intensifying as both companies strive to lead in the development of eco-friendly ship engines.