K Shipbuilding

What K Shipbuilding does

K Shipbuilding (케이조선) is a privately-held, mid-sized South Korean shipbuilder headquartered in Changwon (Jinhae-gu), Gyeongsangnam-do, operating from a single 1,000,000 sqm Jinhae shipyard with a 385m dry dock and annual capacity of approximately 20 MR-class vessels. Founded in 1967 as Dongyang Shipbuilding, the company has been renamed twice (DEADONG, then STX Shipbuilding) and rebranded as K Shipbuilding in 2021 following its 2014 delisting and acquisition by the Yuamco-KHI consortium; it has delivered more than 700 vessels across its history. Its commercial portfolio centers on medium-sized commercial vessels: 50,000–115,000 DWT MR and LR1 product and chemical tankers, LR/Suezmax/Aframax crude carriers, 2,000–16,000 TEU container ships, 6,500 CBM LNG bunkering vessels, and 22,000 CBM LPG/LEG carriers, with world-leading market share in the 74,000 DWT LR1 product oil carrier segment.

K Shipbuilding generates the vast majority of revenue through negotiated newbuilding contracts with global shipping owners, with FY2024 revenue of 9,347 billion KRW (up 32% YoY) and a return to profitability of 112 billion KRW operating profit and 425 billion KRW net income. The company is layering on a differentiated alternative-fuel technology stack — ammonia, methanol, and LNG dual-fuel propulsion, all-electric propulsion, wind-assisted suction-sail systems (with bound4blue), and a 12K CBM LCO2 carrier — each validated by AIP certifications from LR, DNV, BV, RINA, KR, and ABS between 2023 and 2026. Proprietary construction methods (SLS block assembly, ROSE on-sea block erection, optical-communication digital welding) and the K Smartship digital monitoring platform underpin the technical value proposition.

The go-to-market is enterprise field sales directly to shipowners, supplemented by participation in major maritime exhibitions (Posidonia, Nor-Shipping, Gastech) and an active press/newsroom channel in Korean and English. The company is executing a strategic pivot toward higher-value, less-cyclical revenue via U.S. Navy MRO services enabled by its June 2026 CMMC Level 1 certification and in-progress MSRA application, and via LCO2 and LNG bunkering vessel designs aligned with maritime decarbonization. The current ownership and corporate rehabilitation status remain in flux following the failed Taekwang Industrial-led divestiture in June 2026.

Name

K Shipbuilding

Legal name

K SHIPBUILDING CO., LTD.

Website

https://kshipbuilding.com

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

K Shipbuilding is a privately-held South Korean mid-sized shipbuilder in Changwon that designs and builds MR/LR1 product tankers, container ships, LNG bunkering vessels, and LPG/LEG carriers, holding the world No. 1 share in the 74,000 DWT LR1 segment and serving global shipowners and the U.S. Navy MRO market.

Ownership category

akta.pro rank

Product category

Commercial Shipbuilding

NAICS

Ship Building and Repairing (336611)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Crude & Product Tanker Shipbuilding (VLCC/Suezmax/Aframax/MR) (IMAJAAAC)

akta.pro secondary industries

LNG Carrier Shipbuilding (IMAJAAAD), Retrofits & Modernization (Scrubbers, Ballast Water, Alternative Fuels, Energy-Saving Devices) (IMAJAFAH), Naval & Government Vessel Maintenance & Modernization (TLAKAKAB), Heavy Lifting & Material Handling Infrastructure (Goliath Cranes, Jib Cranes, Hoists) (IMAJALAD)

Keywords

• Medium-range tankers
• Commercial shipbuilding
• LNG bunkering vessels
• Eco-friendly propulsion
• Naval MRO services

Headquarters

HQ city

Changwon

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. New Shipbuilding Contracts: K Shipbuilding generates the majority of its revenue through newbuilding contracts for medium-sized vessels including MR tankers, LR tankers, container ships, LNG bunkering vessels, and LPG/LEG carriers. Revenue in FY2024 was approximately 9,347 billion KRW, up 32% YoY, with a 2024 full-year net income of 425 billion KRW.
2. U.S. Navy MRO Services: Following CMMC Level 1 certification and MSRA application, K Shipbuilding is pursuing maintenance, repair, and overhaul contracts for U.S. Navy vessels, representing a new revenue stream diversifying beyond new shipbuilding amid competitive pressure from Chinese shipyards offering 20%+ lower newbuild prices.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

K Shipbuilding designs and builds medium-sized commercial vessels at its Jinhae Shipyard in Changwon, South Korea. Its portfolio includes MR and LR product/chemical tankers, container ships (2,000-16,000 TEU), LNG bunkering vessels (6,500 CBM), and LPG/LEG carriers (22,000 CBM), with more than 700 ships delivered historically. The company is expanding into U.S. Navy maintenance, repair, and overhaul (MRO) services following CMMC Level 1 certification, and offers proprietary smart-ship and alternative-fuel propulsion technologies (LNG dual-fuel, ammonia, methanol, electric, wind-assisted).

Product overview

K Shipbuilding (케이조선) is a mid-sized shipbuilder headquartered in Changwon, South Korea, established in 1967. The company operates as a single integrated shipbuilding platform focused on medium-sized vessels, with core products including MR Tankers (50,000-115,000 DWT product/chemical carriers), LR Tankers, Container Ships (2,000-16,000 TEU), LNG Bunkering Vessels (6,500 CBM), and LPG/LEG Carriers (22,000 CBM). The company has delivered over 700 vessels and holds world-leading market share in the LR1 product tanker segment. Beyond shipbuilding, K Shipbuilding offers the K Smartship Solution as an integrated add-on module, and provides LNG dual-fuel, electric propulsion, and wind-assisted propulsion systems as technology options. The company is expanding into U.S. Navy MRO services following CMMC Level 1 certification. All ships are built at the Jinhae Shipyard with annual capacity of 20 MR vessels.

Differentiator

Problem solved

Functional benefit

Products and services

• MR Tanker (Medium Range Tanker) Medium-range product oil carriers and chemical carriers (50,000 DWT and 74,000 DWT classes) for global shipping companies transporting petroleum products and chemicals. K Shipbuilding holds world No. 1 market share in the 74,000 DWT LR1 segment.
• LR Tanker (Long Range Tanker) Long-range tankers including 115,000-ton class product oil carriers and LR2 Suezmax/Aframax configurations for crude oil and product transport to global shipping customers.
• Container Ship Container vessels ranging from 2,000 TEU to 16,000 TEU capacity designed for global cargo transport operators.
• LNG Bunkering Vessel LNG fueling vessels (6,500 CBM class) for ship-to-ship bunkering operations, supporting the growing LNG fuel market; world's first LNG bunkering shuttle vessel concept.
• LPG/LEG Carrier Liquefied petroleum gas (LPG) and liquefied ethylene gas (LEG) carriers with 22,000 CBM capacity for gas transport customers.
• K Smartship Solution Proprietary integrated smart-ship system providing real-time vessel operational data collection and AI-based analytics for energy optimization, operational efficiency, and safe navigation; applied across K Shipbuilding's delivered vessels.
• LNG Dual-Fuel Propulsion Product Oil Carrier LNG dual-fuel propulsion MR tanker enabling vessels to operate on both LNG and conventional fuel to reduce CO2 emissions; first vessel of this type delivered by K Shipbuilding in July 2024.
• Electric Propulsion System (EPS) for 11,000 DWT Product Oil Carrier Electric propulsion system for an 11,000 DWT product oil carrier with smart control software, developed domestically with Drive Pors to localize propulsion and control technology previously dominated by European suppliers; received AIP from Lloyd's Register in April 2026.
• Wind-Assisted Propulsion System (WAPS) for 50,000 DWT MR Tanker Wind-assisted propulsion system (suction sail / eSAIL technology from bound4blue) integrated into a 50,000 DWT MR tanker design to reduce fuel consumption and emissions; joint development with Lloyd's Register and LISCR.
• Ammonia Dual-Fuel Propulsion MR Tanker Ammonia dual-fuel propulsion MR tanker design using WinGD 6X52DF-A engine and Alfa Laval co-developed fuel supply system; received AIP from Lloyd's Register in 2023 and ABS in January 2025.
• 12K CBM Liquefied CO2 Carrier (LCO2) 12,000 CBM liquefied CO2 carrier using mid-pressure C-Type independent cargo tanks and LNG fuel supply system; jointly developed with Dongsung Entech, Korea Register, and Sembungong to support carbon capture transport.
• U.S. Navy MRO Services Maintenance, repair, and overhaul (MRO) services for U.S. Navy vessels, enabled by CMMC Level 1 certification from the U.S. Department of Defense and an MSRA application in progress; utilizes Jinhae dry dock capacity.

Quantifiable outcome

• Zero major accidents, zero incidents, zero illnesses across all workplaces (ISO 45001 certified)
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature21 records

Partnerships

19 partnerships are on record, tiered core and minor.

• Lloyd's RegistercoreTechnology or Integration · 8 June 2026Lloyd's Register signed an MoU with K Shipbuilding, bound4blue, and LISCR to jointly develop a 50,000 DWT MR tanker incorporating wind-assisted propulsion systems (WAPS/suction sail technology). LR also issued AIP for K Shipbuilding's 11,000 DWT electric propulsion system and co-develops 22K CBM LNG bunkering vessel.
• Liberian International Ship & Corporate Registry (LISCR)coreStrategic or Co-development Partner · 8 June 2026LISCR partnered with K Shipbuilding and Lloyd's Register on the wind-assisted propulsion MR tanker project for joint development of sustainable shipping technology.
• bound4bluecoreTechnology or Integration · 5 June 2026Spanish wind propulsion technology company whose eSAIL suction sail technology is being integrated into K Shipbuilding vessels under an MoU with LR and LISCR. This supports K Shipbuilding's decarbonization strategy.
• Korea Register (KR)coreTechnology or Integration · 5 June 2026KR granted AIP to K Shipbuilding for a 74,000 DWT product oil carrier with corrugated bulkhead design, advancing the company's eco-friendly vessel portfolio.
• RINAcoreTechnology or Integration · 5 June 2026Italian classification society that granted K Shipbuilding AIP for the 6th generation 50,000 DWT product oil carrier, adding international verification to the design's technical competitiveness.
• Dongsung EntechcoreTechnology or Integration · 5 June 2026Partnered with K Shipbuilding on the 22K CBM LNG bunkering vessel joint development project (JDP) alongside Lloyd's Register, optimizing cost efficiency and operational safety of the vessel.
• Drive PorscoreTechnology or Integration · 27 May 2026Domestic Korean electric propulsion system specialist that co-developed the 11,000 DWT electric propulsion system (EPS) with K Shipbuilding. This partnership achieved domestic localization of key propulsion and control technology previously dominated by European suppliers.
• DNVcoreTechnology or Integration · 11 September 2025Norwegian classification society that granted AIP for K Shipbuilding's 18K CBM LNG bunkering vessel, co-developed with Dongsung Entech, featuring larger fuel supply capacity and dual-fuel propulsion technology.
• Bureau Veritas (BV)coreTechnology or Integration · 11 September 2025BV signed an MoU with K Shipbuilding for wind-assisted propulsion system (WAPS) applied to a 74,000 DWT product oil carrier, expanding the eco-friendly vessel development partnership.
• ABS (American Bureau of Shipping)coreTechnology or Integration · 30 January 2025ABS granted K Shipbuilding AIP for an ammonia dual-fuel propulsion MR tanker, applying WinGD's 6X52DF-A engine and a fuel supply system co-developed with Alfa Laval, expanding the eco-friendly vessel technology portfolio.
• Korea Register (KR)coreTechnology or Integration · 17 November 2023KR certified K Shipbuilding as the first mid-size shipyard to achieve U.S.-standard underwater radiated noise (UWN) notation for an MR tanker, enabling entry into environmentally sensitive markets.
• Korean Shipbuilding Research Institute (RIMS)minorImplementation/ SI/ Consulting Partner · 21 September 2023RIMS, under the 2023 Smart Production Innovation Support Program, partnered with K Shipbuilding and Doosan Robotics to develop collaborative robot automation for hull letter marking welding.
• SembungongcoreTechnology or Integration · 6 September 2023Partnered with K Shipbuilding on a 12K CBM liquefied CO2 carrier JDP alongside Dongsung Entech and Korea Register. Sembungong develops the cargo handling system and LNG fuel supply system for the vessel.
• Dongsung EntechcoreTechnology or Integration · 6 September 2023Developed C-Type cargo tanks and LNG fuel tanks for the 12K CBM LCO2 carrier in partnership with K Shipbuilding, Korea Register, and Sembungong.
• POSTECHcoreTechnology or Integration · 23 June 2023POSTECH partnered with K Shipbuilding on ship cyber resilience technology development, providing data center operations, system management, ERP, and network services for comprehensive maritime cybersecurity solutions, certified by Korea Register.
• S&SYS (S&SYS Co., Ltd.)coreTechnology or Integration · 6 June 2023Partnered with K Shipbuilding on methanol dual-fuel propulsion MR tanker basic design and fuel tank/fuel supply system design, with safety verified through domestic and international regulations by Korea Register.
• WinGDcoreTechnology or Integration · 6 June 2023Swiss marine engine manufacturer whose 6X52DF-A engine is applied in K Shipbuilding's ammonia dual-fuel MR tanker design, selected for its commercial readiness.
• Alfa LavalcoreTechnology or Integration · 6 June 2023Swedish engineering company that co-developed the ammonia fuel supply system with K Shipbuilding for the ammonia dual-fuel MR tanker, ensuring safe handling of toxic ammonia fuel.
• Korean Global SolutionscoreTechnology or Integration · 30 May 2023Partnered with K Shipbuilding on ammonia dual-fuel propulsion MR tanker, co-developing ammonia C-Type fuel tanks and supply systems and conducting HAZID workshops for design safety verification.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Imabari Shipbuilding: Japan's largest shipbuilder with strong presence in mid-sized bulk carriers, product tankers, and container ships. Directly comparable to K Shipbuilding in the mid-sized newbuild segment with similar vessel mix and Asian/European customer base.
• Namura Shipbuilding: Japanese mid-sized shipbuilder building bulk carriers, product tankers, and LNG carriers. Direct peer to K Shipbuilding in vessel size and product mix, competing for similar orders from Asian and European shipowners.
• Hyundai Samho Heavy Industries: Korean mid-to-large shipbuilder under HD Hyundai, building tankers (VLCCs, Suezmax, product carriers), LNG carriers, and container ships. Closest direct Korean competitor to K Shipbuilding in the product tanker segment, though at larger vessel sizes.
• Hyundai Mipo Dockyard: Korean mid-sized shipbuilder under HD Hyundai focused on MR/LR product tankers, chemical tankers, and mid-sized container ships. The most directly comparable Korean peer in vessel size, customer base, and product mix.
• Daehan Shipbuilding (DHSC): Korean mid-sized shipbuilder focused on MR/LR1 product tankers and mid-sized carriers. Competes head-to-head with K Shipbuilding in the same vessel sizes and customer segments, particularly in the 50,000–80,000 DWT product carrier market.
• Hanjin Heavy Industries & Construction: Korean shipbuilder with operations in Korea and the Philippines (Subic Bay), building mid-sized product tankers, bulkers, and container ships. Direct comparable peer to K Shipbuilding in mid-sized commercial newbuilds.
• Tsuneishi Group (Tsuneishi Shipbuilding): Japanese shipbuilder with operations in Japan, the Philippines, and China, focused on mid-sized bulk carriers and product tankers. Comparable mid-sized vessel focus and customer base to K Shipbuilding, particularly in the 50,000–80,000 DWT segment.

Broad incumbents

• COSCO Shipping Heavy Industry: Major Chinese state-owned shipbuilding group producing a wide range of commercial vessels including tankers and bulkers. Competes with K Shipbuilding on price in the mid-sized newbuild segment and is part of the broader Chinese yard capacity overhang.
• HD Hyundai Heavy Industries: Korea's largest shipbuilder and a global incumbent across commercial vessels, naval ships, and offshore. Comparable to K Shipbuilding on commercial newbuilds and naval MRO ambitions, though much larger in scale and with a broader product portfolio.

Emerging players

• Yangzijiang Shipbuilding: China's largest private shipbuilder with growing presence in mid-sized tankers, bulkers, and container ships. A direct competitor to K Shipbuilding in price-sensitive segments, benefiting from Chinese cost advantages.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about K Shipbuilding