Hyundai Heavy Industries, the world’s biggest shipbuilder, is venturing into green technologies as it looks for new revenues to counter a bleak outlook for the sector and increased competition from China.

Kim Young-nam, senior executive vice-president at Hyundai, said 40 per cent of revenue was currently derived from shipbuilding, with only 13 per cent from his own division, electric systems. However, Mr Kim said that while revenues would continue to rise by 10 per cent or so each year, he expected the share from the group’s shipbuilding business would shrink to 30 per cent or less by 2015.