대한조선주식회사

“Global Leader in Medium and Large-Sized Vessels”

DHshipbuilding Submits Securities Registration Statement…

Full-Scale Start of KOSPI Listing

• Securing competitiveness in the medium- and large-sized high-value vessel market based on high-efficiency design and production technology

• Full-scale pursuit of profitability-centered sustainable growth through R&D and eco-friendly technology investment

• Demand forecast scheduled for July 11–17, with general subscription on July 22–23

DHshipbuilding (Co-CEOs Wang Sam-dong and Lee Seok-moon), a global leading company in medium and large-sized vessels, announced on the 24th that it submitted a securities registration statement to the Financial Services Commission, officially beginning the listing procedure on the Korea Exchange (KOSPI).

Through this listing, DHshipbuilding expects to secure up to KRW 500 billion in funds, further strengthening its position in the global medium- and large-sized vessel market. The total number of shares to be offered is 10,000,000, with the desired public offering price set at KRW 42,000–50,000. Demand forecasting will take place from July 11 to 17, and general subscription will be held on July 22–23 for two days. KB Securities and NH Investment & Securities will act as joint lead underwriters, with Shin Young Securities participating as co-manager.

Founded in 1987 as Shinyoung Shipbuilding & Industrial, the company changed its name to DHshipbuilding in 2004, taking a leap forward as a comprehensive shipbuilder. Since then, it has built various vessel types such as Suezmax and Aframax crude oil tankers, shuttle tankers, and containerships, strengthening its technological competitiveness. Accordingly, the company plays a pivotal role in the Korean shipbuilding industry with a product portfolio focused on high-value vessels and reliable on-time delivery capabilities.

The core competitiveness of the company is analyzed to come from its long-accumulated design optimization capabilities and its internalized production system. DHshipbuilding operates an in-house plant capable of producing 276,000 tons of blocks annually, realizing the highest level of production internalization in the shipbuilding industry. With production capacity exceeding the annual average block requirement (220,000 tons), the company maintains stable supply capabilities, enabling real-time process control and management of outsourcing variables.

In addition, by combining a 1,500-ton Goliath crane with the tandem construction method, DHshipbuilding maximizes annual output. The company’s dock turnover rate is about 18% higher than that of competitors, and it has a structure that allows up to 32 blocks to be sequentially mounted per Suezmax-class vessel, providing high efficiency. This internalized production method enables quick delivery responsiveness at the level of 4.5 weeks per ship and a float-out process completion rate of about 92%, forming the foundation of high-efficiency and high-quality shipbuilding capabilities.

Furthermore, DHshipbuilding has secured numerous eco-friendly design technologies applicable to dual-fuel (LNG, methanol, ammonia) propulsion systems and onboard carbon capture systems (OCCS). In fact, more than half of the 60 vessels ordered since 2020 have applied dual-fuel technology, proactively responding to global environmental regulations and enhancing the company’s technological credibility in the high-value ship market.

This technical foundation is also linked to overall process stability. In 2023, DHshipbuilding recorded an accident rate of 0.15%, well below the industry average. Such a high level of workplace safety eliminates major causes of process delays and quality deterioration in advance, enabling stable production operations. Combined with a stable order structure centered on vessel types with repetitive demand, this contributes positively to customer trust and long-term business operations.

Based on these core competencies, DHshipbuilding recorded sales of KRW 1.0746 trillion in 2024, an increase of 32% compared to KRW 816.4 billion in 2023, while operating profit reached KRW 158.2 billion, a 340% increase compared to the previous year (KRW 35.9 billion). The debt ratio also significantly improved from 374% in 2023 to 198% in 2024, demonstrating rapid recovery of financial stability as well as growth in profitability, thereby proving both improved financial structure and strengthened growth capability. Through this KOSPI listing, DHshipbuilding plans to strategically invest the secured funds into key areas for future growth.

First, the company plans to focus on establishing an R&D center and investing in technological advancement over the next five years, including the development of new ship types and hull forms, production automation, and securing eco-friendly technologies to strengthen next-generation competitiveness. In addition, part of the public offering proceeds will be used for debt repayment to stabilize the financial structure. This plan is also expected to improve financing conditions and build stronger trust with clients.

Furthermore, DHshipbuilding will allocate the remaining funds as working capital to respond to the shipbuilding industry’s unique heavy-tail¹ payment structure, ensuring a solid liquidity base even during periods of order expansion and establishing a sustainable management system.

¹ Heavy-tail: A payment structure centered on deferred payment, where more than 60% of the total price is paid at once upon vessel delivery.

Wang Sam-dong, Co-CEO of DHshipbuilding, stated:
“DHshipbuilding is prepared to lead the qualitative transformation of the shipbuilding industry through design optimization, production efficiency, and eco-friendly technology development. With this listing, we will further strengthen financial stability and technological competitiveness, solidifying our position in the global shipbuilding market.”