Chung Joo-young established Hyundai Motor Co., Ltd. in December 1967, just before the construction of the Gyeongbu Expressway. But in his head, the idea of ​​making a shipbuilding industry was already over.

The construction of the shipyard was not easy from the beginning. “You don’t have any basic skills, but you’re going to do it? That’s very dangerous.” But Chung’s thoughts were different.

Already, his mind was full of confidence that he could succeed if he created a shipbuilding industry based on the abundant labor force in Korea, and no one could break it.

In response to the negative reaction of Barclays Bank, Chung went directly to the UK to introduce a loan and visited Longbatom, which was influential in the British empire.
“This is a Korean-made ironclad ship 300 years ahead of the UK. After the creation of the turtle ship, the industrialization was delayed by politics that did not accept foreign civilizations; it would be possible to make a better ship than this.
Trust this Korean.”

So Longbatom wrote a letter of recommendation to Barclays Bank to start the loan consultation smoothly, and with his introduction, he visited Rivanos and ordered two tankers and proceeded with the contract.

In June 1974, Chung Joo-young succeeded in building two large tankers of 260,000 tons. It became the world’s No. 1 shipyard in 1985 with its unique ‘creative spirit and pioneering spirit’.