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Major Korean shipbuilders launch joint task force for massive U.S. investment project

Published: 03 Aug. 2025, 12:55 Updated: 03 Aug. 2025, 16:33

A large crane is pictured at Hanwha Ocean’s shipyard in Geoje, South Gyeongsang, on July 31, the day Korea and the United States reached a trade deal centered on lowering tariffs on exports to the United States and boosting investment in the shipbuilding industry. [NEWS1]

Major Korean shipbuilders have launched a joint task force to support the government's cooperation with the United States under a recently agreed-upon large-scale investment project in the U.S. shipbuilding sector, officials said Sunday.

The top three shipbuilders — HD Hyundai Heavy Industries, Hanwha Ocean and Samsung Heavy Industries — along with Korea Shipbuilding & Offshore Engineering, have formed the task force and held an inaugural meeting recently, according to company officials.

Their focus will be on supporting the “Make American Shipbuilding Great Again” (Masga) initiative, through which the Seoul government has proposed investing $150 billion in the U.S. shipbuilding industry.

It was part of a broader $350 billion investment package in the United States in exchange for Washington's lowering of reciprocal tariffs on Korean imports to 15 percent from the initial 25 percent.

The envisioned investment represents the largest single-industry fund in the package and is structured primarily to support Korean shipbuilders' investments in the U.S. through public finance.

The Masga project includes plans to build new shipyards in the United States, train shipbuilding personnel and rebuild related supply chains, as well as build U.S. ships and cooperate on maintenance, repair and overhaul projects, according to the Seoul government. But details are still being finalized.

The entity plans to intensify discussions on the project starting in mid-August, following the industry's summer vacation period.

Yonhap