This undated file photo provided by Hanwha Ocean Co. shows Hanwha Philly Shipyard in Philadelphia, Pennsylvania. (Yonhap)
SEOUL, Nov. 10 (Korea Bizwire) — Hanwha Ocean Co. on Monday welcomed China’s decision to suspend its sanctions on U.S. subsidiaries of the South Korean shipbuilder for one year, also expressing hope for its improved ties with Chinese partners.
“We welcome the Chinese government’s decision,” Hanwha Ocean said in a statement. “We hope our relationship with Chinese partners will further develop with this suspension.”
Earlier in the day, the Chinese commerce ministry announced a one-year suspension of the sanctions imposed on five U.S. subsidiaries of the South Korean shipbuilder, including Hanwha Philly Shipyard Inc. and Hanwha Shipping LLC.
The ministry cited a recent U.S. decision to postpone its Section 301 investigation into China’s suspected unfair practices in the maritime, logistics and shipbuilding sectors for one year.
The announcement came after U.S. President Donald Trump and Chinese President Xi Jinping reached a trade agreement in late October in the South Korean port city of Busan, temporarily easing tensions in the ongoing trade dispute between the two nations.
China imposed the sanctions last month, accusing Hanwha Ocean’s five U.S. subsidiaries of assisting U.S. actions targeting Chinese industries.
Hanwha Ocean is expected to play a key role in the Seoul-Washington initiative to revive the U.S. shipbuilding industry under the slogan “Make American Shipbuilding Great Again” (MASGA).
(Yonhap)
