Latest by
-
HMM races toward net-zero as privatization battle looms Editor's Note: This article is the 37th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, September 25 (AJP) - South Korea's state-run sea carrier HMM is betting big on clean fuel, digitalized fleet management, and business diversification as it navigates a turbulent freight cycle and an uncertain privatization push. On Sept. 12, HMM signed a 10-year transportation contract with Brazil's mining giant Vale worth 430 billion won ($310 million), its second major deal with the company this year. The agreement, running from 2026 to 2036, will deploy five vessels to ship iron ore, building on a 636 billion won deal inked in May. The back-to-back contracts highlight HMM's pivot beyond everyday container shipping toward bulk cargo, a strategy that has cushioned volatility in freight markets while making the company more attractive as an acquisition target. Shipping tailwinds, market headwinds South Korea's shipbuilding industry is bracing for an earlier-than-expected super cycle, driven by record orders for LNG carriers and floating production facilities. The government's proposed Korea-U.S. shipbuilding partnership, dubbed the "Make American Shipbuilding Great Again (MASGA)" initiative, is further boosting sentiment. But freight oversupply clouds the outlook. "Shipping fares had a brief spike in May after tariff suspensions between the U.S. and China, but rates are now trending downward," said Choi Ji-yun, analyst at Yuanta Securities Korea. "With backlogs now covering more than 30 percent of the global container fleet, supply is overwhelming demand. Freight rates will remain under pressure, and HMM cannot avoid the impact." Despite market headwinds, HMM is pressing ahead with its modernization program. The company is scheduled to take delivery of seven methanol-powered 9,000-TEU container ships between late 2025 and mid-2026. "Since 2020, all newly built vessels have been designed as smart ships," an HMM spokesperson said. "Roughly 10,000 sensors on each ship transmit real-time data to our integrated operations center, enabling safe voyage planning and big-data analysis for fuel and route optimization." Existing ships are also being retrofitted with digital systems as part of a broader push for efficiency and carbon reduction. HMM has pledged to achieve net-zero emissions by 2045 — five years ahead of the global maritime industry's 2050 goal. In September 2024, it announced a 14.4 trillion won ($10.4 billion) investment plan through 2030, with 60 percent earmarked for green initiatives such as alternative fuels and electrification. The company is exploring ammonia and hydrogen as next-generation fuel sources. It is also expanding its bulk fleet, with 13 new carriers entering service in stages — including seven car and truck carriers, four multipurpose ships, and two MR tankers. Strategic acquisitions of second-hand vessels are also under review. From state rescue to national champion Founded in 1976 as Asia Merchant Marine, the company began with just three crude carriers before rebranding as Hyundai Merchant Marine in 1983. After rapid expansion, HMM was hit hard by the global financial crisis and eventually fell under state control in 2016 when the Korea Development Bank (KDB) became the largest shareholder. In 2017, HMM absorbed assets from bankrupt rival Hanjin Shipping, cementing its position as Korea's flagship carrier. It rebranded as HMM in 2020. Ownership, however, remains unsettled. A 2023 privatization bid collapsed after food-to-shipping conglomerate Harim Group withdrew. Once HMM completes its 2.2 trillion won stock buyback this month, state shareholders KDB and the Korea Ocean Business Corporation will hold just over 30 percent, opening the door to a new auction. POSCO Group has emerged as a likely contender. Industry watchers say the steelmaker would benefit from a dedicated shipping arm to secure stable transport of iron ore and coal. "HMM's growing pivot toward bulk shipping aligns naturally with POSCO's raw material needs," said Jang Woon-jae, professor of maritime transportation science at Mokpo National University. "But private shareholders must recognize that HMM's large vessels are obliged to operate even when demand is weak — volatility is built into the business." As HMM pushes toward a green future while its ownership remains up for grabs, the company finds itself straddling two identities: a vital national strategic asset and a prize in Korea's evolving industrial landscape. 2025-09-25 15:13:26 -
Kuwait revives delayed housing project with South Korean partner SEOUL, September 25 (AJP) - South Korea’s state-run Land and Housing Corporation said Friday that work has resumed on a long-delayed housing development in Kuwait, reviving one of the Middle East’s largest urban projects. The development of Abdullah New City, located about 30 kilometers west of Kuwait City, is designed to provide 43,000 homes across 6.44 million square meters of desert land. The project, which carries an estimated budget of 23.6 trillion won, or about $17 billion, is scheduled for completion by 2045. The Land and Housing Corporation, known as LH, secured the project management contract last year and is currently advancing a pilot complex of 550 housing units on a 490,000-square-meter site. The project had been stalled for years by pandemic disruptions and regulatory hurdles before restarting in late 2023. The revival of the Abdullah New City initiative has opened the door for South Korean companies to expand their footprint in Kuwait. On Sept. 22, Hanmi Global, a Seoul-based project management firm, secured three additional contracts worth 31 billion won from Kuwait’s Public Authority for Housing Welfare. LH is also exploring partnerships with Samsung Electronics to introduce smart home technologies and with Isu Chemical to develop climate-resilient vertical farms within the city. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-09-25 15:12:02 -
Another K-pop themed movie set for release early next year SEOUL, September 25 (AJP) - Another K-pop themed movie has begun filming after finalizing its cast, following the success of Netflix's South Korean anime "KPop Demon Hunters," talent mill HYBE's U.S. branch said on Thursday. Produced by HYBE in collaboration with Paramount Pictures, the film stars singer-songwriter Eric Nam and Yoo Ji-young, an American actress of Korean descent known for her roles in American drama "Expats" on Amazon Prime Video as well as "KPop Demon Hunters." American actor and comedian Tony Revolori and Gia Kim, a Korean-born actress who spent most of her childhood in Hong Kong, had already joined the cast earlier this month. Set for release in mid-February next year, the film will be shot entirely in Seoul and surrounding areas including Incheon and Gapyeong in Gyeonggi Province. It revolves around a Korean-American girl who dreams of joining a K-pop girl group and travels to Seoul for a TV audition show, despite opposition from her parents. 2025-09-25 14:57:44 -
Korea Legacy Committee marks 10 years of tackling elderly poverty with anniversary gala SEOUL, September 25 (AJP) - The Korea Legacy Committee (KLC) will mark its 10th anniversary with a gala at the Four Seasons Hotel Seoul on October 25. The event will reflect on the group’s work over the past decade while pointing to the continuing problem of elderly poverty in South Korea. Founded in 2015, KLC is a nonprofit set up to confront the country’s high elderly poverty rate through direct services, community programs, and youth engagement. Based in Seoul and operating also in Incheon and Chuncheon, the organization has provided hundreds of thousands of meals while building connections between younger and older generations. One of its main efforts is Legacy Kitchen, which now produces more than 1,000 meals a month. The model goes beyond food distribution. Volunteers check in with recipients by phone, help with housing needs, and provide care services when required. A central feature of the group’s work is its reliance on young volunteers. Every weekend, students and young professionals prepare meals, manage deliveries, and spend time with elderly participants. The approach has been credited with helping younger South Koreans see social responsibility as something personal rather than abstract. Nearly half of the country’s elderly population still lives in poverty, according to data from the Organization for Economic Cooperation and Development (OECD). KLC says that reality underscores the need for sustained programs. “Ten years ago, we couldn’t accept that elderly citizens in one of the world’s most prosperous nations were going hungry,” the organization’s leadership said. “Today, we’ve proven that young people, when given meaningful opportunities to serve, can create lasting change. This anniversary isn’t just about looking back—it’s about recommitting to the work ahead.” The October event will bring together supporters, volunteers, and beneficiaries, highlighting personal stories behind the statistics and the role of food security in preserving dignity and community. 2025-09-25 14:38:59 -
HD Hyundai discusses shipbuilding cooperation with Saudi Arabia SEOUL, September 25 (AJP) - HD Hyundai is expanding its cooperation with Saudi Arabia in the shipbuilding sector, strengthening ties through joint ventures and technology partnerships tied to the kingdom’s Vision 2030 initiative. The company said Thursday its vice chairman, Jeong Ki-seon, met with Saudi Investment Minister Khalid Al-Falih at the Banyan Tree Hotel in Seoul to discuss the progress of a joint shipyard and engine plant under construction in Saudi Arabia. The talks also covered plans to establish a supply chain for shipbuilding materials. The meeting was attended by Sulaiman Al-Babtain, chief executive of Sofon, Saudi Arabia’s state-owned shipbuilding company, and Joo Won-ho, head of HD Hyundai Heavy Industries’ special ship division. Discussions included possible cooperation on naval projects. A roundtable followed to explore broader investment and collaboration in shipbuilding, company officials said. Saudi Arabia has made the development of a domestic shipbuilding industry a priority under Crown Prince Mohammed bin Salman’s Vision 2030 strategy, and it has actively sought investment and expertise from South Korean companies. HD Hyundai is building the IMI Shipyard and Makin Engine Plant at the King Salman Shipyard Complex in Jubail, with full operations expected in 2026 and 2027. When completed, the facilities will include three large docks, four giant cranes and seven berths, with the capacity to build up to 40 ships a year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-25 14:26:33 -
India's information minister meets Krafton executives in Seoul SEOUL, September 25 (AJP) - India’s Minister of Information and Broadcasting, Logesh Rajendran Murugan, visited Krafton’s headquarters in Seoul on Wednesday, marking the first visit by an Indian central government minister to the South Korean game publisher. Krafton said Thursday the meeting highlighted India’s importance as a strategic market and provided an opportunity to discuss policy cooperation and business collaboration. Murugan, who also serves as Minister of Parliamentary Affairs, acknowledged Krafton’s role in India’s gaming industry through investments and the success of Battlegrounds Mobile India. The talks covered Krafton’s expansion in India, its investments in startups and the Indian government’s approach to the gaming sector. Participants included Krafton Chief Executive Kim Chang-han and Son Hyun-il, head of the company’s India operations. Murugan expressed appreciation for Krafton’s contribution to India’s gaming ecosystem and noted potential areas for cooperation in education, technology and media. Kim said in a statement that the discussion was “meaningful” and reaffirmed Krafton’s commitment to the Indian market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-25 14:16:49 -
KAIST turns 3D printing upside down to make custom brain chip SEOUL, September 25 (AJP) - Researchers at the Korea Advanced Institute of Science & Technology (KAIST) have developed a new way to build custom 3D brain chips that could change how scientists study the brain and treat neurological diseases. Traditional brain chips, used to study nerve cells grown outside the body, are usually built with semiconductor processes. These methods are expensive and flat in design, which makes it hard to create realistic 3D structures. Even with newer 3D printing methods, the process still follows the same order as chipmaking: lay down conductive materials first, then add insulation, then open electrode spots. That meant the design freedom was still limited. KAIST said in a press release on Thursday that the team, led by Professor Nam Yoon-ki in the Department of Bio and Brain Engineering, decided to do the opposite. They first used a 3D printer to create a hollow skeleton made of insulating material. Inside this skeleton, they designed tiny tunnels. Instead of trying to fill those tunnels with metal lines manually, they allowed electrically conductive ink to flow in naturally through capillary action, like water soaking into a sponge. This simple switch created a scaffold packed with microelectrodes arranged in complex 3D patterns. The new platform can make chips in many shapes, such as probe-style, cube-like, or modular versions. It also works with different conductive materials, including graphite, conductive polymers, and silver nanoparticles. Because of this flexibility, the chips can capture nerve signals from multiple directions at once, letting researchers study how brain cells connect and interact in much greater detail. The technology could be used to explore the roots of brain diseases, to design cell-based biosensors, or even to advance bio-computing, which tries to use living cells to process information. “This study shows how combining 3D printing with capillary action can give researchers much more freedom in making brain chips,” Nam said. “We expect it will help both basic neuroscience and applied fields like drug testing and bio-computing.” The first author of the study is Dr. Yoon Dong-jo, also from KAIST. The results were published online in Advanced Functional Materials on June 25. The research was supported by the National Research Foundation of Korea through its Mid-Career Researcher Program and Global Research Laboratory Program. 2025-09-25 14:10:18 -
Naver moving to acquire Korea's top cryptocurrency exchange operator SEOUL, September 25 (AJP) - South Korean internet and tech powerhouse Naver Corp. is moving to integrate the nation's leading cryptocurrency exchange, Upbit, into its ecosystem by acquiring Upbit's operator, Dunamu Inc. The core of the proposed deal is a comprehensive stock swap between Naver's fintech subsidiary, Naver Financial, and Dunamu. The news, which marks a major convergence between South Korea's dominant internet portal and the country's largest crypto exchange, caused Naver’s stock to soar by 9.21 percent to 249,000 won as of 1:49 p.m. on Thursday. Naver officially acknowledged the discussions in a regulatory disclosure, stating that Naver Financial is in talks with Dunamu regarding "various collaborations, including stablecoins and unlisted stock transactions, in addition to a stock swap." However, the company noted that "nothing has been finalized regarding additional cooperation items or methods." Naver Financial and Dunamu are reportedly preparing to approve the comprehensive stock exchange proposal at their respective board meetings as early as next month. The proposed deal is expected to create a formidable financial technology force. By linking Naver Financial's payment platform, Naver Pay, with Upbit's digital asset infrastructure, the combined entity aims to launch a service that seamlessly integrates simple payment, shopping, and virtual asset trading for a vast user base. This strategic integration signals Naver's ambition to create a dominant "super app" covering all aspects of e-commerce and digital finance. The comprehensive stock swap is a corporate action where Naver Financial exchanges its newly issued stock for all outstanding shares of Dunamu, sources from Naver said. This process will position Dunamu as a wholly-owned subsidiary of Naver Financial. Both Naver and Dunamu have reportedly established separate task forces to conduct the necessary valuations and preparations required to execute the stock exchange. Naver currently holds approximately 75 percent of Naver Financial's shares. Key shareholders in Dunamu include its founders: Chairman Song Chi-hyung with 25.5 percent and Vice Chairman Kim Hyung-nyeon with 13.1 percent. Kakao Investment holds a 10.6 percent stake. 2025-09-25 14:04:51 -
US command ship docks in Busan SEOUL, September 25 (AJP) - The USS Blue Ridge, the command ship of the U.S. Navy's 7th Fleet, arrived on Thursday in South Korea's southern port city of Busan to replenish supplies and provide rest for crew members. According to the Navy, the ship will carry out activities aimed at enhancing cooperation between the two allies. "The arrival of the Blue Ridge will strengthen exchange and cooperation between the U.S. and South Korean navies," said a Navy officer. Commissioned in 1970, the Blue Ridge commands aircraft carriers, Aegis destroyers, and submarines of the 7th Fleet. Measuring 194 meters long and 33 meters wide, it accommodates more than 1,000 crew members and fleet staff. The Blue Ridge participated in last week's trilateral exercise with South Korea and Japan in international waters south of Jeju Island. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-25 13:28:57 -
BlackRock's Samsung stake surpasses Lee family as KOSPI soars SEOUL, September 25 (AJP) - Samsung Electronics Co. remains a top pick for BlackRock Inc., which has reaped outsized gains from its bullish bet on the KOSPI — this year's best-performing major equity index globally. The world's largest asset manager now holds a larger stake in Korea's chip titan than the controlling Lee family. BlackRock owns 5.07 percent of Samsung Electronics, a position valued at 25.4 trillion won ($18.1 billion) based on Tuesday's closing price of 85,400 won per share. By comparison, the combined holdings of Samsung Electronics Chairman Lee Jae-yong and other Samsung family members are worth 24.6 trillion won. In its latest disclosure to the Financial Supervisory Service, BlackRock reported ownership of more than 5 percent in 10 listed companies, including Korea's four major financial holding groups, representing 1.1 percent of total KOSPI market capitalization. Crossing the 5 percent threshold grants the firm voting rights in shareholder decisions. During the 2024 to 2025 proxy season, BlackRock Fund Advisors supported about 89 percent of management proposals but backed only 90 percent of director appointments, signaling more assertive shareholder engagement, particularly on board independence. The U.S. asset manager has also drawn attention in Korea by signing a memorandum of understanding with the Ministry of Science and ICT on artificial intelligence investment — a move that could lead to multibillion-dollar projects in the country. 2025-09-25 11:36:19