December 04, 2024

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(Getty Images Bank)

HD Hyundai Marine Solution, the ship maintenance unit of HD Hyundai, announced Monday that it has secured a record $60 million maintenance deal with a Euro-based vessel company.

The company said it recently signed a Long Term Service Agreement with a European company, without further elaborating on the company name or other details due to the deal conditions.

Under the terms of the deal, HD Hyundai Marine Solution will provide parts and equipment for 38 vessels until 2029, along with skilled engineers solely dedicated to the projects.

Shipping companies and ship owners usually prefer to sign LTSAs to reduce operational costs and time. The aftermarket services for vessels are estimated to be worth $10 billion globally.

"As the volume of maritime transport increases, we anticipate stable growth in the aftermarket service market. We aim to maintain our position as a global leader by providing optimal service and quality,” a company official said.

By Park Se-ra (serap1005@heraldcorp.com)