19-05-2025
Korean shipbuilders urged to target US vessel demand of up to 448 ships by 2037
Korea's shipbuilding industry needs to undertake strategic moves to capture opportunities in its cooperation with the US, as the country's demand for ships could reach up to 448 vessels by 2037, according to a report released by one of Korea's major business lobbies.
The Federation of Korean Industries on Sunday released a study conducted by professor Ryu Min-cheol of Korea Maritime & Ocean University.
The study explores strategic ways Korea can cooperate with the US, as the country seeks to rely on allies like South Korea and Japan to meet near-term ship demand while aiming to build vessels domestically to revive its shipbuilding industry.
Reflecting this initiative, US Navy Secretary John Phelan and US Trade Representative Jamieson Greer recently met with top executives of Korea's leading shipyards — HD Hyundai Heavy Industries and Hanwha Ocean — during their visits to Korea.
According to the report, the US is projected to order between 403 and 448 vessels by 2037, including over 100 container ships, 74 liquefied natural gas and liquefied carbon dioxide carriers, up to 10 icebreakers, 175 naval combat and support ships and 67 auxiliary vessels for wartime operations.
These projections are based on US maritime strategies laid out by the Donald Trump administration and US Congress, the report said.
The US aims to expand its commercial fleet beyond 250 vessels and seeks to close the gap with China's naval power, which currently fields about 400 naval vessels compared to the US' 287 — a disparity expected to widen if current trends continue.
The report also recommends that Korea adopt differentiated strategies based on vessel types in its cooperation with the US.
For commercial vessels, where demand for smaller ships exists, the report recommends that Korea develop support policies for small and medium-sized shipbuilders to help expand their production in the US.
For naval vessels, where the US is expected to spend up to $1 trillion over the next 30 years, the report suggests that Korea build trust through maintenance projects and focus on noncombat vessels, such as procurement and support ships.
When it comes to vessels featuring next-generation technologies, such as large-scale carbon dioxide carriers, liquefied hydrogen carriers and unstaffed vessels, the report calls for the creation of a joint Korea-US fund to support development and commercialization.
'South Korea and the US need to jointly develop a strategy to secure workforce and supply chains when Korean shipbuilders work to expand their presence in the US,' said Ryu, the report's author.
'They should also maintain ongoing dialogue to ensure that US support policies for Korean shipbuilders remain consistent.'
