DongHwa Entec Co., Ltd. and Hyundai Heavy Industries conducted a signing ceremony for technological collaboration on development and performance verification of heat exchangers for gas carriers. 

Held in the main conference room on 3F of DongHwa Entec’s Hwajeon factory on Mar. 29, 2021, the ceremony was attended by Vice President(chief technical director) Ju Wonho of Hyundai Heavy Industries and CEO Kim Dong-kun of DongHwa Entec, and a number of other executives from both companies. 

Signing of the MOU took place after a full introduction of DongHwa Entec R&D Center’s recently developed products and those planned for the future. 

The MOU aims to maximize mutual interests, growth and development by utilizing technologies owned by the two companies, as well as their business capabilities and resources. 

In the current shipbuilding market, the localization rate for VLCC(oil tanker weighing 150,000 tons or more) is about 97%, whereas that of LNG-powered ships sits around 80%, with significant room for localization. 

DongHwa Entec CEO Kim Dong-kun said, “I hope this will provide an opportunity for us to go a step further in preparation for the late-starter Chinese market, through development and performance verification of heat exchangers for gas carriers and collaboration for localized development based on the MOU between Hyundai Heavy Industries and DongHwa Entec Co., Ltd.” 

Chief Director Ju Won-ho of Hyundai Heavy Industries said, “This MOU is of such great importance that our three executives were in attendance, drawing much attention. 

This MOU is just the beginning. Going forward, we will ensure selection of hands-on workers from both companies for exchange so that the MOU can bring effective and substantial collaboration. 

Therefore, the two companies have agreed to cooperate for revitalization of technological collaboration on development and performance verification of heat exchangers for gas carriers, localized development (including collaboration for national projects) and exchange of process and commissioning-related information. 

Our collaboration will also mutually enhance our respective corporate images as we faithfully observe business ethics, speech and behavior commensurate with our social role, status and related social norms, by observing social and business ethics at all times.