South Korea’s top shipbuilders, HD Hyundai and Hanwha Ocean Co., are extending a helping hand to boost the U.S. shipbuilding industry and port infrastructure. This collaboration comes as a response to the U.S. government’s efforts to revitalize its shipbuilding sector.
During a ministerial meeting at the Asia-Pacific Economic Cooperation (APEC), U.S. Trade Representative Jamieson Greer engaged with the CEOs of HD Hyundai and Hanwha Ocean. Chung Ki-sun, CEO of HD Hyundai, expressed their readiness to contribute their expertise wherever needed. Similarly, Hanwha CEO Kim Hee-cheul emphasized their commitment to becoming a strategic partner in revitalizing the U.S. shipbuilding industry.
Last year, Hanwha Ocean made a significant move by acquiring Philly Shipyard for $100 million, marking a milestone for South Korean shipbuilders in the U.S. market. This partnership signifies a potential shift in the U.S.’ reliance on Chinese technology and shipbuilding capacity.
Currently, a large portion of cranes operating in U.S. ports are manufactured in China, posing a challenge to national security and economic independence. President Biden’s initiative to replace these Chinese-made cranes has garnered support from manufacturers in Finland and Japan, along with South Korea’s HD Hyundai and Hanwha Ocean.
While President Trump proposed a 100% tariff on Chinese cranes to expedite the phase-out process, industry experts predict that it will take at least a decade to establish American-made replacements. Notably, there is currently no U.S. manufacturer of ship-to-shore cranes, highlighting the importance of international partnerships in reshaping the U.S. maritime infrastructure.
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