Industry

  • Shipbuilding emerges as key leverage for Seoul in trade talks with Washington
    Shipbuilding emerges as key leverage for Seoul in trade talks with Washington SEOUL, July 27 (AJP) - As the clock ticks down to the Aug. 1 deadline for tariff exemptions, South Korea is intensifying its push for a comprehensive trade agreement with the United States. High-level talks are scheduled for this week, with key officials from both nations expected to hold separate meetings to finalize negotiations. South Korea's Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol is slated to meet with his American counterpart, Scott Bessent, the treasu July 27, 2025
  • Korea looks to shipbuilding ties as strategic tool in tariff talks with US
    Korea looks to shipbuilding ties as strategic tool in tariff talks with US SEOUL, July 09 (AJP) - As South Korea prepares for high-stakes tariff negotiations with the United States over the next three weeks, the country’s shipbuilding industry has emerged as a central element of Seoul’s diplomatic and strategic playbook. Government officials said Wednesday that cooperation in the shipbuilding sector is being positioned as more than just a bargaining chip in ongoing trade discussions. A senior official at the presidential office noted that the Korea– July 9, 2025
  • U.S. sets 10 to 25 percent tariff range for negotiations with South Korea, shipbuilding to be key leverage point
    U.S. sets 10 to 25 percent tariff range for negotiations with South Korea, shipbuilding to be key leverage point National security multi-purpose vessel (NSMV) Empire State/ Courtesy of Hanwha Philly Shipyard SEOUL, April 11 (AJP) -The United States Trump administration has established guidelines for upcoming 90-day reciprocal tariff negotiations, setting a ceiling at country-specific rates announced on April 2 and a floor at the universal 10 percent basic tariff rate. South Korea, which led the global shipbuilding market in January 2025 with 62 percent of total compensated gross tons (CGTs) for 13 shi April 11, 2025
  • Hanwha Ocean lands $1.61 billion order for container ships
    Hanwha Ocean lands $1.61 billion order for container ships LNG carrier Lebrethah delivered by Hanwha Ocean/ Courtesy of Hanwha Ocean SEOUL, March 18 (AJP) - South Korean shipbuilder Hanwha Ocean has secured a contract to construct six ultra-large container vessels for Taiwan’s Evergreen Marine, one of the world’s leading shipping companies. The deal, valued at 2.33 trillion won (approximately $1.61 billion), marks the highest price ever paid for container ships of this class, capable of carrying 24,000 twenty-foot equivalent units (TEUs March 18, 2025
  • Seeking to counter China, US looks to South Korea for naval shipbuilding
    Seeking to counter China, US looks to South Korea for naval shipbuilding Guided missile destroyer USS Arleigh Burke (DDG 51)/ Courtesy of the U.S. Navy Editor's Note: This is the first in a series of stories examining how the Trump administration’s economic policies affect South Korea's key industries. From trade restrictions to shifting global supply chains, we explore the challenges businesses faced, how they adapted, and the lasting effects on the country’s economy. SEOUL, March 4 (AJP) - As the Trump administration presses ahead with its March 5, 2025
  • Korean industry minister forges ties with Trump administration officials
    Korean industry minister forges ties with Trump administration officials SEOUL, March 1 (AJP) - South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun, has conducted a series of high-level meetings with senior Trump administration officials in Washington D.C., marking the first major trade discussions between the two nations since President Trump's second inauguration. The meetings, which took place from Feb. 26 to 28, included talks with Secretary of Commerce Howard Lutnick, Secretary of the Interior Doug Burgum, and U.S. Trade Representative Ja March 1, 2025
  • South Korean shipbuilders post first profits in 13 years
    South Korean shipbuilders post first profits in 13 years SEOUL, February 07 (AJP) - For the first time in over a decade, South Korea’s three major shipbuilders turned a collective operating profit in 2024, buoyed by a surge in high-value liquefied natural gas (LNG) carrier orders and a global ship-replacement cycle. Their combined operating profit reached 2.17 trillion won ($1.63 billion), marking a significant turnaround from years of losses. HD Korea Shipbuilding & Offshore Engineering led the resurgence, reporting an operating profit of February 7, 2025
  • Korean shipbuilders anticipate boom on strong demand from US, China
    Korean shipbuilders anticipate boom on strong demand from US, China A large ship on a dry dock/ Getty Images Bank SEOUL, January 15 (AJP) - South Korea’s shipbuilding industry is poised for a resurgence, fueled by prospects of deeper collaboration with the incoming Trump administration and a surge in Chinese demand. Industry Minister Ahn Duk-geun revealed on Monday that the Trump administration is preparing “comprehensive institutional reforms to bolster naval power and support related shipbuilding industries.” Official announcements deta January 15, 2025
  • HD Korea delivers first vessel of 2025
    HD Korea delivers first vessel of 2025 An LNG carrier built by HD Korea Shipbuilding & Offshore Engineering Co./ Courtesy of HD KSOE SEOUL, January 6 (AJP) - HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) kicked off 2025 with the delivery of its first vessel on Monday. The firm aims to complete 139 ships this year. The vessel, a 174,000-cubic-meter liquefied natural gas (LNG) carrier, was built at the HD Hyundai Samho Co. shipyard in South Jeolla Province. The ship was completed roughly two and a half years a January 6, 2025
  • Korean shipbuilding workforce grows for first time in 8 years
    Korean shipbuilding workforce grows for first time in 8 years A container ship built by HD Korea Shipbuilding & Offshore Engineering Co./ Yonhap SEOUL, December 31 (AJP) - South Korea’s shipbuilding industry saw its technical workforce grow by 0.8 percent in 2023, breaking an eight-year streak of declines, according to a government report released Tuesday. The Ministry of Trade, Industry and Energy's annual workforce survey reported that the nation's industrial technology workforce totaled approximately 1.72 million in 2023, reflecti December 31, 2024