Dongsung Finetec wins 192 billion won LNG insulation order from HD Hyundai Heavy

Dongsung Finetec said Thursday it signed a 192 billion won ($143 million) contract to supply cryogenic insulation material for LNG carriers to HD Hyundai Heavy Industries, an order equal to 25.9 percent of the company's 2025 consolidated revenue.

The deal will run from Nov. 5 through March 31, 2029, with payment made after delivery against a purchase confirmation certificate, the company said in a regulatory filing.

"This new product will serve as an important opportunity to expand Dongsung Finetec's low-carbon and high-efficiency technology into our global business," said Park Ji-il, head of the company's business division. "We will continue to introduce differentiated products and technologies centered on ECOTECO and create new growth opportunities in the global eco-friendly ship equipment market."

The company's low-carbon insulation was verified by DNV to cut greenhouse gas emissions by 33 percent versus existing products, with thermal conductivity improved by as much as 6 percent. Its hydrofluoroolefin-based foam insulation, branded HFO R-PUF, received product approval from GTT in December 2025, was shown at Gastech in September 2026 and is targeted for application on actual vessels in 2027.

The contract adds to an order book of 2.04 trillion won ($1.52 billion) in cryogenic insulation as of the end of June 2026, the company said.

Dongsung Finetec reported first-half revenue of 394 billion won ($294 million), up 7.6 percent from a year earlier, and operating profit of 55.8 billion won ($41.6 million), up 89.4 percent. Net income for the six months was 43.7 billion won ($32.6 million).

Cryogenic insulation for LNG carrier cargo holds and LNG fuel tanks is the company's main business, with the polyurethane insulation segment accounting for 95.7 percent of revenue and refrigerant and other gas products for 4.3 percent.