Korean shipbuilders eye US yards to tap Navy’s lucrative repair deals

HD Hyundai Heavy Industries and Hanwha Ocean are setting their sights on acquiring an American shipyard, specifically to tap into the maintenance, repair and overhaul (MRO) business. HD Hyundai’s Vice Chairman Chung Ki-sun and Hanwha Group’s Vice Chairman Kim Dong-kwan are visiting the US this month to explore opportunities in the US Navy’s $21.5 billion ship MRO market.

Currently, only three shipyards in the US are authorized to build American warships. These facilities are substantially smaller compared to their Korean counterparts, with Newport News Shipyard being a third of the size of HD Hyundai’s Ulsan shipyard and less than half the size of Hanwha Ocean’s Okpo shipyard.

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