A Greek Start for Korea's Shipbuilding Industry Development: Hyundai Heavy Industries

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Ελληνική Αρχή για την Ανάπτυξη της Ναυπηγικής Βιομηχανίας στην Κορέα - Hyundai Heavy Industries

Who knows that the first ever customer of the Hyundai Heavy Industries was the Greek Shipping Tycoon George S. Livanos back in 1972? And that thanks to his order of two oil tanker vessels, Ju-yung Chung, the founder of the Hyundai group, who started Korea’s modern shipbuilding industry was able to persuade London bankers to provide the capital needed for the construction of the shipyard in Ulsan?

The launching of the 260 thousand ton Atlantic Baron oil tanker manufactured by Hyundai Heavy Industries(1974). This is one of the first of the two tankers built at Huyndai shipyards. The L in front stands for LIVANOS.(Λ=Lamda) from K-Developedia http://bit.ly/1IcSSXQ  

In the 1970s, the Korean government embarked on an ambitious industrial policy to promote Heavy and Chemical Industries, one of the main factors for its rapid economic development. One of the most important one is Hyundai Heavy Industries (HHI). However back then it lacked the necessary capital to build the shipyard and could not acquire the needed trust from international brokers as until then Korea was not into the shipping industry.

Mr. Livanos in an interview said he entrusted Mr. Chung with the first order because he had been impressed by Mr. Chung’s strong attitude and sense of adventure. 
Mr. Livanos noted that when he first met Mr. Chung, the Korean entrepreneur visited him with nothing more than a Korean currency note that featured a drawing of a Geobukseon, a 16th century battleship with a spiked steel roof that resembles the back of a turtle. Mr. Livanos said the Hyundai founder had asked for his trust, citing the fact that Korea had built the world’s first-ever iron-clad ship. 

Korea's old banknote depicting the Turtle Ship
http://www.ebay.com/itm/Korea-South-1953-turtle-shaped-ship-10-Won-P13-XF-/331060756379

More information on the construction of the shipbuilding industry in Korea and also the Kobukson(turtle ship) is available in K-Developedia resources database http://bit.ly/1Jtlk9q
The promotion of Heavy and Chemical Industries in K-Developedia http://bit.ly/1E9tX4m
Livanos interview 
[http://bit.ly/1IcSzfs]

Former President Chung-hee Park attends the groundbreaking ceremony of a Hyundai dockyard in Ulsan (1972)
from K-Developedia 
http://bit.ly/1HKvt10

G.Livanos Sun Enterprises the first customer of Hyundai Heavy Industries. In their website one of the milestones of the company history is the Order of Hull Nos. 1 and 2 from Hyundai Heavy Industries

http://www.sunenterprises.gr/index.php?option=com_content&view=frontpage&Itemid=1

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