Hyundai HI, heavyweight world champion

As the world?s largest shipbuilder, Hyundai Heavy Industries (HHI) started life building two 260,000 dwt VLCCs back in 1972 along with its dry-dock at Ulsan. In 1984, just ten years after HHI delivered its first VLCC, the company surpassed the 10 million dwt mark in ship production and, ever since then, has maintained its position as a leading shipbuilder in the world, accounting for more than 13% share of the world shipbuilding market. The current order backlog stands at over 140 vessels, which represents more than two years? work. The yard is quoting early 2004 for its latest orders. With an annual capacity of about 60 large-scale ships, HHI?s annual sales amount to around $3 billion. The company is projected to increase this to $7.2 billion in 2010 mainly as a result of focusing on high added-value ship types. During the course of this month, SK Securities, one of the leading stockbrokerage firms in South Korea, predicted that HHI would apply for separation from the Hyundai Group and win approval from the Fair Trade Commission by the end of the year. Research & development Research and Development is an essential requirement for the improvement and advance of modern technology and HHI operates 2 renowned in-house research institutes, ie HMRI (Hyundai Maritime Research Institute) and HIRI (Hyundai Industrial Research Institute). HMRI, set up in 1984, houses all the major hydrodynamic facilities under one roof and includes a large towing tank with a full-width wave maker, a cavitation tunnel, a circulating water channel and all the instrumentation and computers associated with such facilities and their operation. The extensive R&D activities of HMRI make up most of the pre-production phases and include computer aided hull/propeller design and manufacturing, optimum hull form development, resistance, propulsion, sea-keeping and vibration. HIRI was the first research institute of its kind run by a private enterprise in Korea and plays a pivotal role in the advancement of welding technologies. This includes the development of auto MIG welding for LNG tanks, laser cutting and other welding systems. Research areas include new energy sources like solar energy, factory automation, mechatronics (robotics), laser systems and environmental protection.