HD Hyundai Heavy Industries has signed a joint development agreement with Peru’s Navy and state-owned shipbuilder SIMA for next-generation submarines, marking South Korea’s first export contract in the submarine segment.
The deal, signed December 19 at SIMA’s Lima facilities with Peruvian President Jose Jeri in attendance, advances a partnership that began with a letter of intent at the APEC summit in Gyeongju last month. Development work will commence in January and span 11 months, though the company declined to disclose the contract value.
The Korean shipbuilder plans to develop a customized vessel suited to Peru’s Pacific waters, which feature depths exceeding 3,000 meters. Industry observers expect the design to draw from HD Hyundai’s HDS-1500 platform, a 1,500-ton submarine that received classification approval earlier this year.
Peru operates six aging German-designed Type 209 submarines and has sought a modern replacement with improved endurance and quieter propulsion. The partnership extends an existing relationship between the companies, which are jointly constructing four surface combatants including frigates and patrol vessels under a contract signed in April 2024.
HD Hyundai characterized the agreement as a potential catalyst for broader Korean submarine exports, emphasizing the project’s co-development structure rather than an off-the-shelf sale.
