Latest news with #Export-ImportBankofKorea
Asia News Network
5 hours ago
- Business
- Asia News Network
South Korea pitches multibillion-dollar shipbuilding plan to US: reports
July 29, 2025 SEOUL – Korea has proposed a multibillion-dollar project reportedly named Make American Shipbuilding Great Again, or MASGA, to the United States as Seoul makes an all-out effort to cut a better tariff deal with Washington ahead of the US-set deadline for tariff talks on Thursday, according to media reports on Monday. Citing multiple unnamed sources, the reports said Kim Jung-kwan, Korea's minister of trade, industry and energy, presented the MASGA project and Korea's vision for shipbuilding cooperation with the US during ministerial-level talks with US Commerce Secretary Howard Lutnick in New York on Friday. According to the reports, the MASGA proposal, named after US President Donald Trump's campaign slogan 'Make America Great Again,' offers a comprehensive package deal that includes large-scale investments in the US by Korean shipbuilders and financial support measures from the government such as loans and guarantees. The reports said the Korean government is considering participation in the MASGA project by state-run financial institutions such as the Export-Import Bank of Korea and the Korea Trade Insurance Corporation. They added that Lutnick, who is considered a key figure in finalizing the US tariff deal with Korea, responded positively to the proposal. However, the Ministry of Trade, Industry and Energy later said in a press release that the reported details of the MASGA proposal have not been confirmed as the negotiations are still ongoing, advising media outlets to take a careful approach when reporting on the trade talks between Seoul and Washington. In a press release on Saturday following the ministerial-level trade talks, Seoul's presidential office said it had reconfirmed strong US interest in shipbuilding cooperation, explaining that the two sides committed to working together on an agreement in the tariff negotiations. Korea's shipbuilding sector has been regarded as the country's unique leverage in the tariff talks with the US as its world-class capabilities can contribute to the Trump administration's goal of reviving American shipbuilding. Two of Korea's leading shipbuilding conglomerates — HD Hyundai and Hanwha Group — have already been ramping up their investments in the US and bolstering partnerships with American companies in the shipbuilding sector. HD Hyundai joined hands with US shipyard operator Edison Chouest Offshore to build medium-sized container vessels at the American company's shipyard by 2028. Hanwha Philly Shipyard, which was acquired by Hanwha Ocean and Hanwha System for $100 million last year, secured a contract to build a liquefied natural gas carrier, marking the first US-ordered, export-market-viable LNG carrier in nearly 50 years.
Hans India
a day ago
- Business
- Hans India
South Korean shipbuilders' global order share rises amid US-China tension
Seoul: South Korean shipbuilders saw a significant rebound in their global order share in the first half amid US sanctions targeting Chinese rivals, an industry report showed on Tuesday. According to the report from the Export-Import Bank of Korea, South Korea secured 25.1 percent of global shipbuilding orders in terms of compensated gross tons (CGT) during the January-June period, reports Yonhap news agency. It marks a substantial rise from 17.2 percent a year earlier, narrowing the gap with leader China from 51 percentage points to 26.7 percentage points. Last year, South Korea's share of global annual orders stood at 15 percent, the lowest in eight years. This year's rebound is largely attributed to recent U.S. trade measures. The U.S. Trade Representative (USTR) has introduced a policy to impose port entry fees on Chinese shipping companies and operators of Chinese-built vessels, effectively discouraging reliance on Chinese shipyards. In the first half of the year, container ships accounted for 53.3 percent of South Korea's total order volume of 4.87 million CGT. Last year, South Korean shipyards secured just two midsize-to-large container ship orders. "The shift in orders from Chinese to Korean shipbuilders amid U.S. sanctions has contributed to the increase in Korea's global market share," the report said. Despite the improved performance, the bank stressed the need for South Korea's shipbuilding industry to use this opportunity to enhance its fundamental competitiveness for long-term resilience. Meanwhile, South Korea ranked second in new global shipbuilding orders in June, industry data showed. South Korean shipyards clinched orders totaling 1.05 million compensated gross tons (CGTs) for eight ships, accounting for 41 percent of the global total at 2.56 million CGTs last month, according to London-based Clarkson Research Services. China ranked first, taking up 53 percent of the global total. In terms of order backlog, China ranked first with 96.82 million CGTs, or 59 percent of the global total of 163.37 million CGTs as of the end of June, with South Korea trailing in second with 35.42 million CGTs, accounting for 22 percent of the total. Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, came to 187.11 last month, up 0.42 point from a year ago.
Korea Herald
a day ago
- Business
- Korea Herald
S. Korean shipbuilders' global order share rises in H1 amid US-China tension
South Korean shipbuilders saw a significant rebound in their global order share in the first half amid US sanctions targeting Chinese rivals, an industry report showed Tuesday. According to the report from the Export-Import Bank of Korea, South Korea secured 25.1 percent of global shipbuilding orders in terms of compensated gross tons during the January-June period. It marks a substantial rise from 17.2 percent a year earlier, narrowing the gap with leader China from 51 percentage points to 26.7 percentage points. Last year, South Korea's share of global annual orders stood at 15 percent, the lowest in eight years. This year's rebound is largely attributed to recent US trade measures. The US Trade Representative has introduced a policy to impose port entry fees on Chinese shipping companies and operators of Chinese-built vessels, effectively discouraging reliance on Chinese shipyards. In the first half of the year, container ships accounted for 53.3 percent of South Korea's total order volume of 4.87 million CGT. Last year, South Korean shipyards secured just two midsize-to-large container ship orders. "The shift in orders from Chinese to Korean shipbuilders amid US sanctions has contributed to the increase in Korea's global market share," the report said. Despite the improved performance, the bank stressed the need for South Korea's shipbuilding industry to use this opportunity to enhance its fundamental competitiveness for long-term resilience. (Yonhap)
Korea Herald
2 days ago
- Business
- Korea Herald
Korea pitches multibillion-dollar shipbuilding plan to US: reports
Seoul says MASGA details unconfirmed as talks with Washington continue Korea has proposed a multibillion-dollar project reportedly named Make American Shipbuilding Great Again, or MASGA, to the United States as Seoul makes an all-out effort to cut a better tariff deal with Washington ahead of the US-set deadline for tariff talks on Thursday, according to media reports on Monday. Citing multiple unnamed sources, the reports said Kim Jung-kwan, Korea's minister of trade, industry and energy, presented the MASGA project and Korea's vision for shipbuilding cooperation with the US during ministerial-level talks with US Commerce Secretary Howard Lutnick in New York on Friday. According to the reports, the MASGA proposal, named after US President Donald Trump's campaign slogan "Make America Great Again," offers a comprehensive package deal that includes large-scale investments in the US by Korean shipbuilders and financial support measures from the government such as loans and guarantees. The reports said the Korean government is considering participation in the MASGA project by state-run financial institutions such as the Export-Import Bank of Korea and the Korea Trade Insurance Corporation. They added that Lutnick, who is considered a key figure in finalizing the US tariff deal with Korea, responded positively to the proposal. However, the Ministry of Trade, Industry and Energy later said in a press release that the reported details of the MASGA proposal have not been confirmed as the negotiations are still ongoing, advising media outlets to take a careful approach when reporting on the trade talks between Seoul and Washington. In a press release on Saturday following the ministerial-level trade talks, Seoul's presidential office said it had reconfirmed strong US interest in shipbuilding cooperation, explaining that the two sides committed to working together on an agreement in the tariff negotiations. Korea's shipbuilding sector has been regarded as the country's unique leverage in the tariff talks with the US as its world-class capabilities can contribute to the Trump administration's goal of reviving American shipbuilding. Two of Korea's leading shipbuilding conglomerates -- HD Hyundai and Hanwha Group -- have already been ramping up their investments in the US and bolstering partnerships with American companies in the shipbuilding sector. HD Hyundai joined hands with US shipyard operator Edison Chouest Offshore to build medium-sized container vessels at the American company's shipyard by 2028. Hanwha Philly Shipyard, which was acquired by Hanwha Ocean and Hanwha System for $100 million last year, secured a contract to build a liquefied natural gas carrier, marking the first US-ordered, export-market-viable LNG carrier in nearly 50 years.
Korea Herald
2 days ago
- Business
- Korea Herald
S. Korea proposes major shipbuilding investment in US ahead of tariff negotiation deadline
South Korea has proposed a multibillion-dollar shipbuilding investment package in the United States as part of ongoing negotiations to avert steep US tariffs as the Aug. 1 deadline for such a deal nears, government sources said Monday, noting the proposal appears to have been well received. According to the multiple sources, Industry Minister Kim Jung-kwan held talks with US Commerce Secretary Howard Lutnick on Friday in New York, during which he presented the proposal, dubbed "Make American Shipbuilding Great Again". The MASGA project, whose name is inspired by US President Donald Trump's slogan "Make America Great Again", involves large-scale investments by South Korean private shipbuilders in the US The package includes not only capital investment but also financial support, such as loans and guarantees backed by Korean institutions. Public financial institutions, such as the state-run Export-Import Bank of Korea, are being considered as potential participants in providing financial support for the MASGA initiative, the source said. Lutnick, who is seen as a key decision-maker in the bilateral tariff negotiations, reportedly responded positively to the proposal and expressed satisfaction with Seoul's offer. As part of the ongoing talks, Finance Minister Koo Yun-cheol is expected to visit the US later this week and is likely to meet with US Treasury Secretary Scott Bessent on Thursday. Seoul aims to finalize a trade agreement with Washington before the Aug. 1 deadline to reduce the 25 percent reciprocal tariff and sector-specific duties imposed on South Korean goods under the Trump administration. The reciprocal tariffs were initially implemented April 9 but were immediately suspended by President Trump for 90 days to allow for negotiations. The suspension has since been extended, but Washington indicated plans to resume enforcement starting Aug. 1 unless a deal is reached. (Yonhap)
