Korea’s Hanwha wins US Navy MRO deal as Trump seeks to deepen shipbuilding tie

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Korea’s Hanwha wins US Navy MRO deal as Trump seeks to deepen shipbuilding tie - Korea Economic Daily

Quick Summary:

STRATEGIC BASE FOR DEFENSE COOPERATIONThe deal came as Trump is seeking cooperation in the defense maintenance sector with South Korea, one of the US closest allies, spurring the country’s shipbuilders to target the 20 trillion won ($14.2 billion) MRO business with the US Navy.“American shipbuilding needs South Korea’s help.

The US has 219 warships, fewer than 234 of China, adding to hopes South Korea, with the world’s second-largest capability for battleships after China, will be a key ally for the US Navy, sources in Seoul said.“Trump mentioned close cooperation as the US needs South Korea to contain China,” said one of the sources.“The Korea-US shipbuilding cooperation is expected to grow stronger than stronger.”HD Hyundai Heavy Industries Co., Hanwha’s larger rival, also aims to win MRO deals from the US Navy.

Hanwha Ocean Co., South Korea’s third-largest shipbuilder, secured another vessel repair contract from the US Navy, expanding its defense business, as President-elect Donald Trump said he expected to strengthen cooperation in the shipbuilding industry of the Asian country.