Chung Ju-yung, the late founder of the Hyundai Group, created Hyundai as a construction company in 1947. Chung decided to enter into shipbuilding in the early 1970s ignoring that Hyundai had no experience, capital, or shipbuilding technology whatsoever. Despite these challenges, the company received orders for two 260,000-DWT crude oil tankers from Greek magnate George Livanos while Hyundai's Shipyard was still in the planning stages.

In March 1972, ground was broken on an empty stretch of beach in Ulsan to construct what would become the world's largest shipyard. Hyundai then started building the two oil tankers and the shipyard simultaneously. Two years later, in 1974, Hyundai held a ceremony to simultaneously name the two tankers and dedicate the shipyard.

Capturing the imagination of the international maritime community, the event was a historical first step for Hyundai Heavy Industries.