Latest news with #HDHyundai
Korea Herald
8 hours ago
- Business
- Korea Herald
Korea sails into US shipbuilding with $150b MASGA push
Hanwha, HD Hyundai to gain foothold in US naval market, expand MRO, LNG ship production Korean shipbuilders are looking to make the most of cooperation with the US, as the Korean government on Thursday pledged a $150 billion fund to support shipbuilding investments in the US. Korea's Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol touted the Make American Shipbuilding Great Again, or MASGA, project as making the biggest difference in the tariff deal struck this week with the Trump administration. 'We expect our shipbuilders, which have world-class ship design and building capabilities, will support the revival of the US shipbuilding sector, create new opportunities and lay the groundwork for growth,' said Koo in a press conference at the South Korean Embassy in Washington. Named after Trump's campaign slogan 'Make America Great Again,' the MASGA project will be carried out based on the needs of Korean shipbuilders, spanning the entire US shipbuilding industry -- setting up new shipyards, nurturing shipbuilding talent, reestablishing shipbuilding supply chains and conducting maintenance, repair and overhaul, or MRO, according to Koo. Stakeholders in the shipbuilding industry forecast the $150 billion Korea-US shipbuilding cooperation fund will help Korean shipbuilders expand their businesses in the US as the financial support package includes investments, loans and guarantees. 'Ultimately, the US market is about warships rather than commercial vessels,' said a shipbuilding industry official. 'The (US) warship market is huge. As (Korean shipbuilders) carry out MRO projects for the US Navy, they might be able to work with US partners to build military vessels for the US at American shipyards or even build them at Korean shipyards.' Korea's shipbuilding leaders -- Hanwha and HD Hyundai -- have already been at the forefront of the US shipbuilding industry's revival even before the tariff talks began. Hanwha acquired the Philly Shipyard last year and has landed three MRO contracts for US Navy ships so far. HD Hyundai partnered with the biggest American defense shipbuilder Huntington Ingalls Industries while linking up with US shipyard and vessel operator Edison Chouest Offshore to construct ships. 'Through the shipbuilding cooperation with the US, Korea can expect a range of practical benefits such as entering the US warship and commercial vessel market and expanding its presence there, strengthening its strategic position within supply chains, localizing in response to restrictions and securing a steady flow of orders,' said Hong Jin-hee, senior researcher at the Korea Institute for International Economic Policy. 'There are good chances that Korea will expand local production of high-value-added ships such as (liquefied natural gas carriers) and warships at US shipyards and gain traction for cooperative projects with the US Navy in the future.' The Center for Strategic & International Studies, a nonprofit Washington-based think tank, recently published a report saying it is a "no brainer" for the US to bolster cooperation with Korea in shipbuilding. 'South Korea has retained its cost-competitive edge even as its labor has grown more expensive alongside the development of its economy,' said CSIS. 'Advancements in automation and control systems within its shipbuilding industry have shifted the sector from labor-intensive to technology-driven.'
Asia News Network
a day 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.
Korea Herald
3 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
23-07-2025
- Automotive
- Korea Herald
HD Hyundai starts joint shipbuilding venture in US
Edison Chouest Offshore CEO visits Korean shipbuilder's R&D site, shipyards HD Hyundai has begun taking steps to build ships in the United States in partnership with Edison Chouest Offshore, the Korean shipbuilding conglomerate said Wednesday. According to the company, a delegation of more than ten key executives and engineers from ECO, including its CEO Dino Chouest, visited Korea on Tuesday to discuss detailed plans for the joint shipbuilding project with HD Hyundai. The ECO delegation visited HD Hyundai's Global R&D Center in Gyeonggi Province and the dockyards of HD Hyundai Heavy Industries and HD Hyundai Mipo in Ulsan during their two-day visit. HD Hyundai said the US partners were briefed on the Korean shipbuilder's latest technologies and shipbuilding capabilities and had a chance to review the operational status of HD Hyundai-built vessels currently deployed around the world at the Digital Insight Center at the Global R&D Center. The ECO officials also took a look at how HD Hyundai developed its automated solutions and applied them in practical shipyard operations, as well as how it implemented robotic welding technologies. According to HD Hyundai, top leadership from both companies agreed to expand their partnership beyond the joint construction of ships to explore future business opportunities together. 'HD Hyundai fully supports efforts to revitalize the US shipbuilding industry,' said HD Hyundai Executive Vice Chairman Chung Ki-sun. 'The joint shipbuilding project between the two companies in the US will serve as an excellent example of Korea-US cooperation in the shipbuilding sector.' The ECO delegation visited HD Hyundai's shipyards in Ulsan on Wednesday to closely examine their design and production processes, along with their dock operation and management systems. HD Hyundai said engineers from ECO will remain in Korea for another week to learn about the Korean shipbuilder's techniques and discuss project specifics. The two companies previously signed a memorandum of understanding for a strategic and comprehensive partnership in June this year, agreeing to start jointly building medium-sized container vessels at ECO's shipyard in the US by 2028. The partners also pledged to expand the scope of their cooperation beyond ships to include port cranes, which have been central to US national security concerns as it seeks to curb China's influence. HD Hyundai dispatched a team of more than ten experts to ECO's shipyard in the US last month to inspect the partner's production facilities and systems and provide consultations on enhancing productivity. ECO, which operates 18 commercial shipyards across the US, maintains a fleet of 300 offshore support vessels around the world.
Korea Herald
18-07-2025
- Business
- Korea Herald
Seoul shares end lower on retail selling amid tariff worries
Seoul shares closed lower Friday as investors remained cautious over US President Donald Trump's latest tariff threat. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.22 points, or 0.13 percent, to close at 3,188.07. The main index rose 0.39 percent for the week. Trade volume was moderate at 389.98 million shares worth 11.84 trillion won ($8.5 billion). Decliners outnumbered gainers 589 to 303. The KOSPI reversed earlier gains after opening higher, tracking overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.52 percent and the tech-heavy Nasdaq composite climbed 0.75 percent. Individuals sold a net 340.72 billion won worth of stocks, offsetting stock purchases by institutions and foreigners of 61.85 billion won and 187.72 billion won, respectively. Trump recently notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer sweetened terms in ongoing negotiations. Investors are awaiting second-quarter earnings results from major companies in the coming weeks for clues on the market's direction, while keeping an eye on further developments in US trade policy, analysts said. In Seoul, large-cap stocks were mixed. Leading shipbuilder HD Hyundai fell 2.18 percent to 134,800 won, and state-run utility firm Korea Electric Power Corp. declined 0.68 percent to 36,250 won. National flag carrier Korean Air dropped 0.95 percent to 25,950 won, and No. 1 shipping firm HMM shed 0.99 percent to 25,000 won. Among gainers, top carmaker Hyundai Motor rose 0.24 percent to 210,500 won and market behemoth Samsung Electronics climbed 0.6 percent to 67,100 won. Leading steelmaker Posco Holdings gained 1.14 percent to 311,000 won, and leading battery firm LG Energy Solution rose 1.74 percent to 322,500 won. The local currency was quoted at 1,393.00 won against the greenback at 3:30 p.m., down 0.4 won from the previous session. (Yonhap)
