Overview

• Lee toured Hanwha Philly Shipyard and attended the naming of a U.S. Maritime Administration training vessel.
• Trump said the United States will buy ships from South Korea and have Korean firms build vessels in America with U.S. workers.
• Seoul has outlined a $150 billion commitment to bolster U.S. shipbuilding, with specific structures and timelines still undisclosed.
• Hanwha bought the Philadelphia yard for about $100 million and, per Lee’s office, plans up to $5 billion to lift output from under two ships a year to as many as 20, including use of nearby idle docks.
• Eleven non-binding deals were announced during Lee’s trip, including HD Hyundai’s partnership with Cerberus and Samsung Heavy Industries’ tie-up with Vigor for Navy support MRO, yard modernization and joint construction.