Korea readies maiden Arctic voyage to chart new container route
South Korea is set to sail its first container ship from Busan to Rotterdam through Russian Arctic waters as early as this month, which will mark a milestone voyage that could reshape trade between Northeast Asia and Europe while offering an alternative route amid mounting geopolitical risks. Busan-based PanStar Line, selected to operate the government-backed pilot voyage, has acquired HMM's 2,700-TEU container ship Mombasa and renamed it PanStar Acro. T
HD Hyundai to help modernize U.S. shipyard under deal with Fraser Industries
HD Hyundai is moving to support the modernization of a U.S. shipyard as part of broader efforts to contribute to the revival of America’s shipbuilding industry. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company of HD Hyundai’s shipbuilding business, said Thursday it has signed a memorandum of understanding with Fraser Industries LLC on cooperation to modernize shipyards for the revitalization of the U.S. shipbuildin
Defense Ministry to rule out nuclear weapons in submarine bill
South Korea plans to include a nuclear weapons ban in its proposed law on nuclear-powered submarines, government sources said Tuesday. The Ministry of National Defense is expected to soon issue a legislative notice for a bill tentatively titled the Special Act on the Acquisition, Operation and Safety Management of Nuclear-Powered Submarines. The move would mark the first time South Korea has written into domestic law a principle rejecting nuclear weapons de
Korean shipbuilders expand US partnerships in $150B cooperation push
South Korea’s three major shipbuilders are expanding partnerships with U.S. companies in naval ship design, smart shipyards, workforce training and supply chains, as Seoul moves to accelerate a $150 billion shipbuilding cooperation package with Washington. The moves follow the opening of the Korea-U.S. Shipbuilding Partnership Center in Washington, D.C., this week. The center is expected to serve as a key platform for Korea’s participation in effor
Chinese shipbuilder delivers world's first solar-powered carrier to Korea
A Chinese shipbuilder has delivered what it says is the world’s first 10,000-car-class vehicle carrier equipped with a solar power system to South Korea, Chinese state media reported Thursday. Guangzhou Shipyard International (GSI) recently held an online signing ceremony with China Shipbuilding Trading Co. to deliver the vessel to Korea Ocean Business Corp. (KOBC), according to Chinese media outlets including the Global Times. The vessel is a liquefi
HMM Q2 profit seen jumping 80% on higher container freight rates: report
HMM is expected to report a sharp improvement in second-quarter earnings as stronger container freight rates offset higher fuel costs, Shinhan Investment & Securities said Wednesday. The brokerage estimated HMM’s second-quarter revenue at 3.28 trillion won ($2.21 billion), up 25 percent from a year earlier, and operating profit at 420.6 billion won, up 80.4 percent. The estimate is also higher than the market consensus of 346.3 billion won in operati
Hanwha Philly Shipyard takes shape as first MASGA milestone
Hanwha Philly Shipyard, the centerpiece of the South Korea-U.S. shipbuilding partnership under MASGA (Make American Shipbuilding Great Again), is taking shape as a milestone contract from the U.S. Missile Defense Agency transforms the once-overlooked yard into a test bed for deeper defense-industrial cooperation between the two allies. The Philadelphia-based shipyard, acquired by Hanwha Group for about $100 million in 2024, has been selected to build Missile R
Trump again signals role for Korean shipbuilders in US naval buildup
U.S. President Donald Trump has again raised the prospect of working with South Korean shipbuilders as Washington seeks to rapidly expand and modernize its aging naval fleet. Speaking Wednesday at the Pennsylvania Defense and Innovation Summit at the U.S. Army War College in Carlisle, Trump said his administration would consider South Korean and other foreign companies as part of its shipbuilding efforts. “We’re going to probably look at some of
British Princess Anne tours HD Hyundai Heavy shipyard in Ulsan
Britain's Princess Anne visited HD Hyundai Heavy Industries' shipyard in Ulsan and toured its facilities, the shipbuilder said on Tuesday. Her visit, accompanied by her husband Sir Timothy Laurence and Colin Crooks, the British ambassador to South Korea, came as part of her trip to South Korea. The princess was welcomed by the shipbuilder's chairman Chung Ki-sun, and other executives, who briefed her on the company's shipbuilding technolog
Seoul says U.S. may consider building military ships in Korean yards
South Korea’s presidential office said Washington does not appear to rule out the possibility of having U.S. military vessels built in Korean shipyards, even as existing U.S. law poses major barriers to foreign construction of Navy ships. A senior presidential official made the remark Thursday during a briefing in Ulaanbaatar, Mongolia, after President Lee Jae Myung and U.S. President Donald Trump discussed military shipbuilding on the sidelines of the N