# HD Hyundai Marine Engine inks WinGD pact for dual-fuel units *The licensing agreement gives the South Korean builder dual-fuel propulsion rights alongside its Everllence portfolio after third-quarter operating profit rose 197% to 60.3 billion won.* **Published:** October 31, 2026 **By:** Hyun-jung Lee **Section:** Shipbuilding & Defense — South Korea **Format:** Breaking **Confidence:** medium **Source:** https://eastasiabrief.com/shipbuilding/hd-hyundai-marine-engine-inks-wingd-pact-dual-fuel-1024 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - HD Hyundai Marine Engine signed a WinGD two-stroke license on Oct. 28, announced Oct. 30 - Q3 revenue reached 211.4 billion won ($153 million) on higher dual-fuel propulsion deliveries - The license took effect Oct. 28; contract value and first assembly completion dates remain undisclosed ![Two men wearing hard hats inspect a large marine propulsion engine inside the Changwon assembly plant. (AI-generated image)](https://eastasiabrief.com/media/2026-10-30-3d178c45cde0.webp) *Two men wearing hard hats inspect a large marine propulsion engine inside the Changwon assembly plant. (AI-generated image)* HD Hyundai Marine Engine announced Oct. 30 it signed a licensing agreement with Switzerland-based WinGD to manufacture two-stroke dual-fuel ship propulsion engines at its Changwon assembly facility. Company Chief Executive Officer Yoo Jeong-dae and WinGD Vice President Peter Krähenbühl signed the contract Oct. 28 at the engine manufacturing plant in Changwon, South Gyeongsang Province. HD Hyundai Marine Engine reported third-quarter revenue of 211.4 billion won ($153 million), up 93.8% from a year earlier, alongside operating profit of 60.3 billion won ($43.7 million), up 197%. Higher engine deliveries and an increasing share of higher-margin dual-fuel propulsion units drove the quarterly earnings increase, the company said. The licensing agreement secures proprietary manufacturing and sales rights for low-speed engines capable of running on liquefied natural gas, ammonia, liquefied petroleum gas and methanol alongside conventional marine fuel. Under the terms, the Changwon facility secures production rights for WinGD mid-bore two-stroke designs, including the X52 and X62 series, as well as X-S short-stroke propulsion models. Two-stroke marine propulsion engines provide primary motive power for large ocean-going merchant vessels, connecting directly to the ship propeller shaft without intermediate reduction gearing. The addition of WinGD technology establishes dual-licensor capability at the Changwon plant, complementing its existing production agreements with Everllence. Everllence, previously known as MAN Energy Solutions, and WinGD together design the propulsion architectures specified across almost all large commercial merchant newbuilds worldwide. Global engine designers do not operate heavy ship engine foundries, licensing their proprietary combustion designs and electronic controls to Asian heavy industrial manufacturers instead. Holding manufacturing rights from both designers allows HD Hyundai Marine Engine to bid on shipyard procurement tenders regardless of which engine architecture a shipowner specifies. Stricter International Maritime Organization carbon rules have accelerated demand for commercial vessels capable of burning alternative fuels that generate lower greenhouse gas emissions over their lifecycle. Dual-fuel propulsion systems burn cleaner fuels such as LNG or methanol during normal voyaging while maintaining the ability to consume conventional marine diesel during fuel bunkering disruptions. Propulsion engines represent the single most critical long-lead procurement item in commercial shipbuilding, dictating when shipyards can float and deliver finished hulls to buyers. The Changwon facility supplies main propulsion units to South Korean shipbuilders and international yards competing for dry bulk, chemical tanker and container carrier orders. The expanded license provides production flexibility across affiliates of parent company HD Korea Shipbuilding & Offshore Engineering, including HD Hyundai Heavy Industries, HD Hyundai Samho and HD Hyundai Mipo. The licensed X52 and X62 mid-bore engine platforms target midsize product tankers, chemical carriers and dry bulk vessels, where alternative-fuel readiness has become a common contract requirement. South Korean shipbuilders face sustained competition from Chinese shipyards, making guaranteed domestic propulsion equipment delivery schedules critical for protecting agreed dock turnaround times. Maintaining parallel production lines for both Everllence and WinGD engines insulates the Changwon plant against licensor-specific supply bottlenecks and component shortages. Formerly operating as STX Heavy Industries before joining HD Hyundai, the Changwon factory expands the industrial group's overall marine engine output beyond its primary engine plants in Ulsan. Commercial container carriers and oil tanker operators have accelerated dual-fuel fleet renewal programs to meet tightening maritime emissions benchmarks approaching 2030. Shipyards have accumulated heavy order backlogs for methanol-ready containerships and ammonia-ready gas carriers, requiring engine builders to broaden cylinder bore selections and high-pressure fuel injection systems. The licensing agreement took legal effect upon signing on Oct. 28, permitting the builder to accept commercial orders for the licensed WinGD engine variants immediately. The company has not disclosed the total financial value of the contract, the royalty rate payable per manufactured unit, or the expiration date of the licensing rights. The company notice also does not state when Changwon will begin assembly of its first WinGD test engine or schedule commercial delivery of a completed unit. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | WinGD dual-fuel engine production license | HD Hyundai Marine Engine adds WinGD X52 and X62 series to Changwon plant alongside Everllence portfolio | WinGD parent CSSC expands engine footprint in Korean shipyard equipment market | Engine builders Japan Engine Corp and Mitsui E&S face broader dual-fuel competition in Asia | Merchant shipowners secure secondary Korean production source for mid-bore alternative-fuel engines | | WinGD dual-fuel engine production license | HD Hyundai Marine Engine adds WinGD X52 and X62 series to Changwon plant alongside Everllence portfolio | WinGD parent CSSC expands engine footprint in Korean shipyard equipment market | Engine builders Japan Engine Corp and Mitsui E&S face broader dual-fuel competition in Asia | Merchant shipowners secure secondary Korean production source for mid-bore alternative-fuel engines | ## In this story - **Companies:** HD Hyundai Marine Engine, WinGD - **Tickers:** 077970.KS - **Exposed:** Everllence, HD Hyundai Heavy Industries, HD Hyundai Samho, HD Hyundai Mipo - **Policy:** Standards - **Impact:** Supply Chain, Order Book, Cost Structure ## Primary sources 1. hd.com 2. ddaily.co.kr 3. finance-scope.com 4. fetv.co.kr 5. oceannews.com --- Cite as: East Asia Brief, "HD Hyundai Marine Engine inks WinGD pact for dual-fuel units," October 31, 2026. https://eastasiabrief.com/shipbuilding/hd-hyundai-marine-engine-inks-wingd-pact-dual-fuel-1024