Seoul: Three major South Korean shipbuilders are expected to have posted an operating profit for last year, data showed Sunday. HD Korea Shipbuilding and Offshore Engineering Co., Hanwha Ocean Co., and Samsung Heavy Industries Co. are all projected to have experienced significant financial gains in 2024.

According to Yonhap News Agency, HD Korea Shipbuilding and Offshore Engineering Co. is forecast to have logged an operating profit of 1.43 trillion won (US$980 million) in 2024. Hanwha Ocean Co. likely swung to an operating profit of 169.1 billion won last year, marking a positive shift in its financial performance. Meanwhile, Samsung Heavy Industries Co. suggested its operating profit surged by 102.37 percent to reach 472.1 billion won in 2024.

Industry watchers attribute the strong performance of these shipbuilders to increased contracts amid the “super cycle” of the industry. This cycle has driven demand and enhanced profitability for the companies, contributing to their robust financial results over the past year.