Hanwha Ocean wins US Navy ship maintenance deal
The company won the US Navy's regular MRO project for the Charles Drew, a dry cargo and ammunition ship assigned to the Navy's 7th Fleet, the sources said.
The non-combat vessel is expected to arrive at Hanwha Ocean's Geoje shipyard, about 330 kilometers southeast of Seoul, later this month and be delivered back to the US Navy by the end of the year.
This marks the third time Hanwha has won an MRO project for a US Navy vessel.
In August last year, it became the first South Korean shipbuilder to secure such a contract, for the Navy's logistics support ship Wally Schirra. In November, it also won an MRO deal for the replenishment oiler Yukon. (Yonhap)
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Korea Herald
9 hours ago
- Korea Herald
Hanwha Ocean wins US Navy ship maintenance deal
Hanwha Ocean Co., a major South Korean shipbuilder, has secured a contract to provide maintenance, repair and overhaul (MRO) services for the US Navy ship Charles Drew, industry sources said Tuesday. The company won the US Navy's regular MRO project for the Charles Drew, a dry cargo and ammunition ship assigned to the Navy's 7th Fleet, the sources said. The non-combat vessel is expected to arrive at Hanwha Ocean's Geoje shipyard, about 330 kilometers southeast of Seoul, later this month and be delivered back to the US Navy by the end of the year. This marks the third time Hanwha has won an MRO project for a US Navy vessel. In August last year, it became the first South Korean shipbuilder to secure such a contract, for the Navy's logistics support ship Wally Schirra. In November, it also won an MRO deal for the replenishment oiler Yukon. (Yonhap)
Korea Herald
12 hours ago
- Korea Herald
Samsung heirs sell Seoul villa for W22.8b to help pay record inheritance tax bill
The heirs of the late Samsung Group chairman Lee Kun-hee have sold a luxury property in central Seoul for 22.8 billion won, or about $16.7 million, in what appears to be part of a broader effort to pay South Korea's largest-ever inheritance tax bill. According to data from the Ministry of Land, Infrastructure and Transport's official property transaction database, the sale was finalized on June 13. Court registry records confirm that the villa, located in the Itaewon neighborhood of Yongsan district, was jointly owned by Lee's widow Hong Ra-hee, honorary director of the Leeum Museum of Art, and their three children: Lee Jae-yong, executive chairman of Samsung Electronics, Lee Boo-jin, president of Hotel Shilla, and Lee Seo-hyun, president of Samsung C&T's fashion division. The buyer is believed to be a private-sector entrepreneur. As of now, the property title has not been formally transferred. The residence sits on 1,073 square meters of land and spans about 497 square meters in total floor area across three levels. The late Lee purchased the home in 2010 for approximately 8.28 billion won. The recent sale price marks a 175 percent increase, averaging roughly 70 million won per pyeong, a traditional Korean land measure equivalent to 3.3 square meters. It is located near a cluster of high-end homes informally known as the 'Samsung family town.' Following Lee Kun-hee's death in October 2020, the property was divided among the four family members in May 2021. The widow Hong received a one-third stake, while each of the three children received two-ninths. Although the home was not publicly listed, reports suggest the family began exploring a sale earlier this year. The timing aligns with a larger financial strategy the Samsung heirs have pursued since inheriting an estimated 26 trillion won in assets from Lee's estate. Under South Korean tax law, roughly 12 trillion won in inheritance taxes is owed, an unprecedented amount. The family is paying it over six years through a government-approved installment plan. Since 2021, the heirs have taken various steps to meet their tax obligations. These include selling shares in Samsung affiliates and securing loans using stock as collateral. The recent property sale is one of the more tangible examples of asset liquidation tied to this effort. This is not the first Itaewon villa the family has sold. In 2023, they finalized the sale of another nearby property also inherited from Lee. That home had been quietly listed in 2021 for 21 billion won. It changed hands the following year, though the final sale price was not disclosed. Like the latest sale, the property had been originally purchased by Lee in 2010. South Korea's inheritance tax, among the highest in the OECD, has a top rate of 50 percent, which increases to 60 percent when company shares are transferred with management control rights. It's a structure that disproportionately impacts family-run conglomerates like Samsung. The tax was first introduced under President Park Chung Hee in the 1960s as part of broader efforts to institutionalize state control over wealth and curb excessive accumulation during the country's rapid industrialization.
Korea Herald
13 hours ago
- Korea Herald
Seoul shares soar nearly 2% as US-led trade talks to continue till Aug.
South Korean stocks closed higher for two sessions in a row Tuesday as investors were relieved with US President Donald Trump's letters to trade partners that extend the deadline for tariff talks to the start of next month. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 55.48 points, or 1.81 percent, to close at 3,114.95. Trade volume was heavy at 735.5 million shares worth 13.2 trillion won ($9.65 billion), with gainers outnumbering decliners 643 to 240. Foreign investors led the bullish mode, scooping a net 251.6 billion won worth of stocks, and institutions bought a net 21.6 billion won. However, individuals dumped a net 263.1 billion won. Earlier in the day, Trump unveiled a letter addressed to South Korean President Lee Jae Myung, saying that the United States will start imposing 25 percent tariffs on South Korean products on Aug. 1. He also sent such letters to Japan and other countries. Analysts said that the letter is negative for South Korea but it brushed off uncertainties over US tariff policies. Washington imposed country-specific reciprocal tariffs in April but placed a 90-day pause, which was set to end Tuesday. Financial and energy shares were among the biggest winners. Hana Financial Group surged 10.27 percent to 94,500 won, and Woori Financial Group soared 8.32 percent to 25,400 won. Samsung Fire & Marine Insurance jumped 5.11 percent to 463,000 won, and Kyobo Securities vaulted 9.1 percent to 9,110 won. Korea Electric Power Corp. rose 4.46 percent to 38,650 won, and Doosan Enerbility advanced 5.88 percent to 66,600 won. Carmakers also finished in positive territory, with industry leader Hyundai Motor gaining 1.2 percent to 211,000 won and its sister Kia adding 0.51 percent to 99,100 won. However, Samsung Electronics lost 0.49 percent to 61,400 won following its worse-than-expected second-quarter earnings guidance. The world's largest memory chipmaker estimated its second-quarter operating profit plunged 55.9 percent from a year earlier due to sluggish chip business and the fallout from US trade policies, missing market expectations. The local currency was quoted at 1,367.9 won against the greenback at 3:30 p.m., down 0.1 won from the previous session. (Yonhap)
