Our Heritage
Asan Chung Ju-yung
1915~2001
In the 1960s, Korea was suffering from a severe shortage of foreign currency. Recognizing the shipbuilding industry’s potential to drive growth across related sectors, Asan (峨山) Chung Ju-yung (1915–2001), founder of HD Hyundai, envisioned the establishment of a shipyard. Full-scale
construction of the shipyard commenced in the 1970s with the conviction that the shipbuilding business would become a powerful driving force of Hyundai in the future.
Most were skeptical about building a shipyard for large ships in Korea, which at the time only had
experience in constructing small-sized ships. However, we set an unprecedented example in the history of world shipbuilding when it constructed the shipyard and the first two ships at the same time.
After the completion, HD Hyundai Heavy Industries became the world’s top
shipbuilder only 10 years after its founding, playing a pivotal role in Korea becoming a world-class shipbuilding powerhouse.
Words of the Founder
Messages of challenge and hope from Chung Ju-yung, the man who turned the impossible into reality.
HHI -
The Path of Challenge
Messages of challenge and hope from Chung Ju-yung, the man who turned the impossible into reality.
The miracle of Mipo Bay,
making the impossible
a reality
In 1971, Founder Chung Ju-yung signed a technical partnership agreement with A&P Appledore and Scott Lithgow of the UK, and took out a shipyard construction loan from the UK’s Barclays Bank in preparation to commence construction.
In this process, Founder Chung Ju-yung
created a legendary milestone when he secured contracts for two VLCCs in Greece with a photograph of Mipo Bay and a single blueprint of a Crude Oil Carrier
1971.09 Founder Chung Ju-yung discussing the shipyard construction with the UK's A&P Appledore
Pouring heart and soul into
the shipyard construction
Since the groundbreaking of the shipyard in March 1972, Founder Chung Ju-yung spent virtually all of his time in Ulsan to direct the shipyard construction. As a result, the first stage of the project was completed in only 2 years and 3 months, an unprecedented record in the history of world
shipbuilding.
In the course of the shipyard construction, Founder Chung Ju-yung faced a near-death experience when his car fell into the quay waters one stormy night during a solitary night patrol.
1974.06 Naming ceremony for two 260,000 DWT VLCCs, held upon the completion of the shipyard
Carving Korea’s
technological prowess into
the Middle Eastern desert
In the mid-1970s, Founder Chung Ju-yung ventured into the Middle East and won a contract for the construction of Jubail Industrial Port in Saudi Arabia, which was described as one of the biggest construction projects (役事) of the 20th century. The project was valued at USD 930 million at the
time, equivalent to one-quarter of Korea’s annual budget.
Founder Chung Ju-yung amazed the world by successfully executing a groundbreaking maritime logistics strategy: all steel structures were manufactured by HD Hyundai Heavy Industries in Ulsan and shipped overseas.
1975 Founder Chung Ju-yung inspecting the Jubail Industrial harbor construction site in Saudi Arabia
Turning risks
into opportunities,
growth accomplished
by challenges
HD Hyundai Heavy Industries was hit by a crisis in its early years due to the oil shock and shipbuilding industry downturn of the 1970s. Founder Chung Ju-yung overcame adversity by continuing to build ships even after their contracts were unilaterally canceled by clients, and by entering the
shipping industry.
In the early 1990s when the shipbuilding industry was adopting a conservative stance amid the downturn, Founder Chung Ju-yung ordered ambitious yard expansions, setting the stage for HD Hyundai Heavy Industries to take another leap forward when the
economy rebounded.
1995 Yard 2 was built starting in 1994 and commenced operations in 1995
Working together,
smiling together
Founder Chung Ju-yung firmly believed that he should be one with the frontline workers. He frequently visited the work site to eat, drink, and mingle with employees, and enjoyed wrestling with employees even after the age of 70.
1988 Founder Chung Ju-yung spending time with employees on the Guest House's lawn