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Korean shipbuilders, USTR to discuss cooperation during APEC trade ministers meeting

Published: 15 May. 2025, 18:30

John Phelan, the United States Secretary, looks around HD Hyundai Heavy Industries' shipyard in Ulsan on April 30. [HD HYUNDAI HEAVY INDUSTRIES]

The heads of Korea's leading shipbuilding companies — HD Hyundai and Hanwha Ocean — will hold one-on-one meetings with United States Trade Representative (USTR) Jamieson Greer on Friday during the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju.

HD Hyundai Vice Chairman Chung Ki-sun, HD Hyundai Heavy Industries CEO Lee Sang-kyun and Hanwha Ocean CEO Kim Hee-cheul are scheduled to meet privately with Greer, according to industry sources on Thursday. The USTR reportedly requested separate meetings with the two companies ahead of the visit.

The shipbuilding executives are expected to discuss detailed cooperation plans between Korea and the United States in the shipbuilding sector, including the construction and maintenance, repair and overhaul (MRO) of commercial vessels and naval ships.

Bilateral cooperation in the sector has gained momentum since the election of U.S. President Donald Trump, who has emphasized rebuilding the U.S. shipbuilding industry and countering China’s maritime expansion.

In August of last year, Hanwha Ocean became the first Korean shipbuilder to win an MRO contract for a U.S. Navy logistics support vessel, the USNS Wally Schirra, and successfully delivered the project. The company also completed the acquisition of the U.S.-based Philly Shipyard in December.

HD Hyundai signed a memorandum of understanding last month with Huntington Ingalls Industries, the largest defense shipbuilder in the United States, to cooperate on advanced shipbuilding technologies and productivity improvement.

President Trump has long underscored the importance of cooperation with Korea, the world’s top shipbuilding power. HD Hyundai Heavy Industries and Hanwha Ocean, with their proven capabilities in building not only commercial vessels but also warships and submarines, are seen as key partners.

High-level exchanges between the Korean shipbuilders and U.S. government officials have also become more frequent. On April 30, U.S. Secretary of the Navy Carlos Del Toro visited Korea, met with then-acting President Han Duck-soo and toured HD Hyundai’s Ulsan shipyard and Hanwha Ocean’s shipyard in Geoje.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY PARK YOUNG-WOO [[email protected]]