Korean shipbuilder wins $349M Sweden icebreaker contract

HD Hyundai Heavy Industries secured a $348.9 million contract to build an icebreaker for the Swedish Maritime Administration, becoming the first Korean shipyard to win an overseas order for a purpose-built polar vessel, the Korea Times reported.

The deal arrives as global demand for polar vessels accelerates. The United States has expanded its icebreaker-related budget to roughly $9 billion, and a trilateral alliance plans to build 70 to 90 icebreakers over the next decade, intensifying competition for shipbuilding contracts.

The vessel will stretch 126 meters in length and displace roughly 15,000 tons. Rated at Polar Class 4, it can break continuously through ice one to 1.2 meters thick and will use an electric propulsion system, according to the Korea Times. Delivery is set for 2029.

HD Hyundai Heavy received high scores across price competitiveness, delivery schedule and technical capability during the bidding process, prevailing over established icebreaker-building nations including Finland and Norway. The Korean Embassy in Sweden and the KOTRA Korea Trade Center Stockholm provided support during the bid, the Korea Times reported.

The contract reflects intensifying global interest in Arctic shipping lanes. The United States has expanded its icebreaker-related budget to approximately $9 billion, and the ICE Pact — a trilateral initiative among the U.S., Canada and Finland — aims to produce 70 to 90 icebreakers over the coming decade.

"We will continue to expand into new export markets in the special-purpose vessel sector on the strength of our technology and integrated business capabilities," said Joo Won-ho, head of HD Hyundai Heavy Industries' Naval and Special Ship Business Unit, according to the Korea Times.

The new icebreaker will operate in the Baltic Sea, performing icebreaking, convoy escort, towing and ice management duties for the Swedish Maritime Administration.