HD Hyundai Partners with Iskra Shipyard on Croatia’s Naval Defence Projects
South Korea’s HD Hyundai Heavy Industries has signed a teaming agreement with Croatia’s Iskra Shipyard to pursue joint projects in naval defence, shipbuilding, maritime technology, and commercial vessels, strengthening cooperation in Croatia’s maritime industry.
The strategic partnership also covers the Croatian Multi-Purpose Corvette Program, along with potential passenger ferry, RO-PAX, unmanned surface vehicle (USV), and maritime autonomy projects. The agreement could strengthen local shipbuilding capacity while creating opportunities for technology cooperation and industrial development.
Iskra Shipyard, part of Slovenian electronics and automation group Iskra, announced the agreement on LinkedIn last week. The Croatian company said the partnership establishes a platform for wider cooperation across the maritime industry.
Focus on Croatia’s Corvette Programme
HD Hyundai Heavy Industries is the latest major international shipbuilder to express interest in Croatia’s planned acquisition of two corvettes as part of the country’s naval modernisation programme.
Croatian Defence Minister Ivan Anusic previously told public broadcaster HRT that the government aims to involve local shipyards in the project. He added that several shipbuilders have shown strong interest in the procurement.
The estimated value of the two ships could reach €1.6 billion ($1.8 billion), according to unofficial information reported by Croatian daily Jutarnji List in September 2025.
Stronger Industrial Base for Iskra
The partnership follows Iskra Shipyard’s strengthened industrial position after its acquisition of the 3. Maj shipyard in Rijeka.
According to Iskra, the agreement combines its industrial capabilities with HD Hyundai Heavy Industries’ extensive experience in naval, commercial, and offshore shipbuilding.
The Croatian shipyard said the companies will explore long-term opportunities aimed at supporting innovation, industrial development, local value creation, and the growth of Croatia’s and Europe’s maritime and defence capabilities.
Growing International Competition
HD Hyundai Heavy Industries is joining a growing group of international defence and shipbuilding companies seeking a role in Croatia’s corvette programme.
On Friday, Spanish state-owned shipbuilder Navantia announced memoranda of understanding (MoUs) with Croatian engineering company AITAC and Iskra Shipyard. The agreements establish guiding principles for potential cooperation on engineering and industrial activities related to the multi-role corvette programme.
In May, Navantia also announced two MoUs with Croatian shipbuilder Uljanik Group and naval architecture company Nortes Blue to establish a framework for developing a “highly competitive and fully integrated” proposal for the Croatian Navy’s corvette programme.
French naval defence group Naval announced in April that it had signed MoUs with Iskra, Croatian drone manufacturer Orqa FPV, and the Faculty of Mechanical Engineering and Naval Architecture at the University of Zagreb as part of its Gowind corvette offer for the Croatian Navy.
Italy’s Fincantieri announced in July that it had signed MoUs with Croatian shipbuilder Brodotrogir Cruise and Iskra to cooperate on the corvette programme.
Iskra Shipyard’s Maritime Capabilities
Iskra Shipyard is based in the Adriatic town of Sibenik. The shipyard specialises in repairing all types of vessels up to 80 metres in length and building new vessels up to 60 metres.
The new agreement with HD Hyundai Heavy Industries expands Iskra’s potential cooperation beyond the corvette programme, with passenger ferries, RO-PAX vessels, unmanned surface vehicles, and maritime autonomy identified as additional areas for joint industrial activity.
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