President-elect Donald Trump has expressed the need for collaboration with South Korea in the shipbuilding sector shortly after his election victory, signaling the possibility of strengthened cooperation between the two nations in this industry. The photo shows President-elect Trump (fourth from left) during his visit to Daewoo Heavy Industries (now Hanwha Ocean) Okpo Shipyard in Geoje, South Korea, on June 5, 1998. Pictured alongside him are his eldest son, Donald Trump Jr. (to his left), and his second wife, actress Marla Maples (to his right). (Photo courtesy of Daewoo Shipbuilding & Marine Engineering)
SEOUL, Jan. 10 (Korea Bizwire) — South Korea is ramping up its global leadership in shipbuilding by forging a new partnership with the United States and advancing next-generation maritime technologies.
The government announced plans to establish a cross-departmental task force to strengthen collaboration with Washington, particularly in ship maintenance, repair, and overhaul (MRO), aligning with priorities signaled by the incoming Trump administration.
The initiative, unveiled at the annual shipbuilding and marine industry gathering in Busan, underscores South Korea’s strategic push to maintain its dominance in high-value shipbuilding while addressing challenges posed by global trade dynamics.
Focus on U.S.-South Korea Maritime Cooperation
The Ministry of Trade, Industry, and Energy (MOTIE) emphasized the significance of aligning with the U.S. on maritime priorities. President-elect Donald Trump has highlighted the importance of localized ship MRO capabilities, presenting an opportunity for South Korean shipbuilders to expand their footprint in the U.S. market.
The government will introduce a comprehensive cooperation package to ensure mutual benefits for both countries. “This partnership marks a pivotal moment to solidify our position in the global shipbuilding industry while addressing U.S. needs,” a ministry spokesperson said.
Next-Generation Ship Technologies in the Spotlight
South Korea is also doubling down on innovation, with plans to unveil a strategic blueprint in the second half of 2025 to develop advanced vessels such as hydrogen carriers and ammonia-powered ships. These technologies are expected to succeed liquefied natural gas (LNG) carriers as the cornerstone of the country’s high-value shipbuilding exports.
Additionally, the government will roll out measures in the first half of the year to strengthen the country’s supply chain for shipbuilding materials, parts, and equipment.
Record Achievements in 2024
South Korea’s shipbuilding sector ended 2024 on a high note, securing its largest backlog of orders since 2009, valued at $110 billion. Exports reached a seven-year peak of $25.63 billion, driven by the country’s global dominance in LNG carriers. For the ninth consecutive year, South Korea ranked first in orders for LNG vessels, cementing its reputation as a leader in high-tech and high-value shipbuilding.
The industry also achieved a financial turnaround, with all three major South Korean shipbuilders posting profits for the first time in 13 years. Employment in the sector surpassed 120,000 workers, the highest level since 2017, while shipbuilding output reached 11.26 million compensated gross tons (CGT) in 2024, the largest volume since 2016.
A Bright Future for “K-Shipbuilding”
The government’s initiatives aim to sustain this momentum, ensuring South Korea remains at the forefront of technological innovation in shipbuilding while meeting global demand for eco-friendly and advanced vessels. The partnership with the U.S., combined with strategic investments in next-generation technologies, positions South Korea to solidify its leadership in the evolving maritime industry.
Ashley Song (ashley@koreabizwire.com)
