Overview

• Seoul is using its world-second-largest shipbuilding industry as leverage to negotiate lifting a suspended 25 percent US tariff set to resume July 8.
• US Trade Representative Jamieson Greer held talks in May with HD Hyundai’s vice chairman and Hanwha Ocean’s CEO on joint naval construction and maintenance.
• Hanwha Ocean secured a $1.6 billion LNG carrier contract in March, but ship orders plunged by nearly half in early 2025, signaling a looming end to the industry’s recent boom.
• South Korea’s shipbuilding exports reached $25.6 billion in 2024, up almost 20 percent, yet the sector is grappling with declining market share and workforce shortages.
• Washington is eyeing Korean yards to bolster its Asia-Pacific naval presence as officials grow concerned over China’s expanding fleet.