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Yahoo
7 days ago
- Business
- Yahoo
South Korea seeks to leverage Trump's focus on shipbuilding in tariff talks
By Ju-min Park and Joyce Lee SEOUL (Reuters) -South Korea and the United States have been discussing a shipbuilding tie-up that could include investments to modernise U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms, government and industry sources said. U.S. President Donald Trump, who has made revitalising the ageing U.S. shipbuilding industry a priority to keep up with China, has repeatedly raised the idea of cooperating with South Korea's cutting-edge shipbuilding industry. After investing billions of dollars in shipbuilding capacity, China is the world's biggest shipbuilder. It also has the world's largest maritime fighting force, operating 234 warships to the U.S. Navy's 219, according to the Center for Strategic and International Studies. "South Korea can use shipbuilding as leverage to gain some advantage in tariff negotiations," said Kim Suk Kyoon, a former commissioner of the Korea Coast Guard and an expert on maritime strategy. Pressure on Seoul to reach a deal on import tariffs has increased after Japan struck a trade agreement with the U.S. this week. South Korean officials are in Washington for trade talks, though a high-level meeting due on Friday was postponed over scheduling. South Korea is the world's second-largest shipbuilder and a source with direct knowledge of the talks said any partnership should include South Korean companies investing in the U.S. and helping more in repair and maintenance. South Korea's proposal of a "Korea-U.S. manufacturing renaissance partnership" in areas such as shipbuilding had drawn strong U.S. interest, as Washington called for joint efforts to counter China's shipbuilding growth, Seoul trade officials said, declining to be named as they were not authorised to speak to the media. The U.S. Treasury Department and Trade Representative did not respond to requests for comment on the progress of talks about shipbuilding. South Korea's industry ministry said the U.S. and South Korea were discussing ways to cooperate in manufacturing industries, including shipbuilding, but declined to elaborate. POLITICAL WILL "The most realistic option for South Korea is, I think, to make a deal to fix a certain number of U.S. navy vessels annually or build parts of new ships," said Kim, a visiting researcher at the Korea Institute for Maritime Strategy. Repair of U.S. Navy ships is already happening in South Korea including at Hanwha Ocean's Geoje shipyard, which has the world's largest dock and a 900-ton "Goliath" crane, according to its website. In July, Hanwha Ocean secured its third U.S. Navy maintenance contract and parent Hanwha Group has also been expanding in U.S. shipbuilding. It acquired Pennsylvania-based Philly Shipyard for $100 million last year and said this week the shipyard had received an order for a liquefied natural gas carrier to be built together with Hanwha Ocean's Geoje shipyard. The conglomerate recently said it obtained U.S. approval to increase its stake in Australian shipbuilder Austal that owns a shipyard in Alabama building U.S. Navy ships. Another South Korean shipbuilder, HD Hyundai, formed a partnership this year with U.S. defence-focused shipbuilder Huntington Ingalls, and joined forces with Edison Chouest Offshore to build container ships in the U.S. But, obstacles remain to expanding the relationship. There are difficulties obtaining parts and a lack of local talent at U.S. shipyards, said Woo Jong Hoon, a naval architecture and ocean engineering professor at Seoul National University. Political will would also be needed given the raft of U.S. regulations that protect domestic shipbuilding. A South Korean trade official called for exceptions or changes to the Jones Act, which bars foreign shipyards from building commercial ships to operate in the U.S. The Byrnes-Tollefson Amendment also prohibits the construction of navy vessels in foreign shipyards, but the president retains the authority to waive its provisions for national security. To skirt U.S. regulations, South Korea could look into ideas like building modules to be delivered to U.S. shipyards or designating a South Korean shipyard as a special district so U.S. Navy ships could be built there, Woo said. 'WONDERFUL, WONDERFUL' Trump's introduction to South Korean shipbuilding probably happened nearly three decades ago. The real estate mogul flew in by helicopter to visit the Geoje shipyard in 1998, recounts Lim Moon Kyu, a retired senior executive at the former Daewoo Shipbuilding company who accompanied the VIP guest "with Hollywood looks". Daewoo Shipbuilding was acquired in 2023, becoming Hanwha Ocean. At the top of a 100-metre (328 ft) high crane, Trump was given a birds-eye view of the sprawling shipyard on a southern island. "Clearly, he was impressed, saying 'Wonderful, Wonderful' on top of the crane," said Lim, as he thumbed through photos of the meeting with Trump, who was accompanied by his son Donald Trump Jr. Lim believes the visit left Trump with a lasting positive impression that means he is now open to cooperating with Korean shipbuilders to counter China's growing naval power. "What carrots do we have to give to the U.S.? Nothing but this (shipbuilding) would be immediately possible," said Lim. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
South Korea seeks to leverage Trump's focus on shipbuilding in tariff talks
SEOUL, July 24 (Reuters) - South Korea and the United States have been discussing a shipbuilding tie-up that could include investments to modernise U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms, government and industry sources said. U.S. President Donald Trump, who has made revitalising the ageing U.S. shipbuilding industry a priority to keep up with China, has repeatedly raised the idea of cooperating with South Korea's cutting-edge shipbuilding industry. After investing billions of dollars in shipbuilding capacity, China is the world's biggest shipbuilder. It also has the world's largest maritime fighting force, opens new tab, operating 234 warships to the U.S. Navy's 219, according to the Center for Strategic and International Studies. "South Korea can use shipbuilding as leverage to gain some advantage in tariff negotiations," said Kim Suk Kyoon, a former commissioner of the Korea Coast Guard and an expert on maritime strategy. Pressure on Seoul to reach a deal on import tariffs has increased after Japan struck a trade agreement with the U.S. this week. South Korean officials are in Washington for trade talks, though a high-level meeting due on Friday was postponed over scheduling. South Korea is the world's second-largest shipbuilder and a source with direct knowledge of the talks said any partnership should include South Korean companies investing in the U.S. and helping more in repair and maintenance. South Korea's proposal of a "Korea-U.S. manufacturing renaissance partnership" in areas such as shipbuilding had drawn strong U.S. interest, as Washington called for joint efforts to counter China's shipbuilding growth, Seoul trade officials said, declining to be named as they were not authorised to speak to the media. The U.S. Treasury Department and Trade Representative did not respond to requests for comment on the progress of talks about shipbuilding. South Korea's industry ministry said the U.S. and South Korea were discussing ways to cooperate in manufacturing industries, including shipbuilding, but declined to elaborate. "The most realistic option for South Korea is, I think, to make a deal to fix a certain number of U.S. navy vessels annually or build parts of new ships," said Kim, a visiting researcher at the Korea Institute for Maritime Strategy. Repair of U.S. Navy ships is already happening in South Korea including at Hanwha Ocean's ( opens new tab Geoje shipyard, which has the world's largest dock and a 900-ton "Goliath" crane, according to its website. In July, Hanwha Ocean ( opens new tab secured its third U.S. Navy maintenance contract and parent Hanwha Group has also been expanding in U.S. shipbuilding. It acquired Pennsylvania-based Philly Shipyard for $100 million last year and said this week the shipyard had received an order for a liquefied natural gas carrier to be built together with Hanwha Ocean's Geoje shipyard. The conglomerate recently said it obtained U.S. approval to increase its stake in Australian shipbuilder Austal ( opens new tab that owns a shipyard in Alabama building U.S. Navy ships. Another South Korean shipbuilder, HD Hyundai ( opens new tab, formed a partnership this year with U.S. defence-focused shipbuilder Huntington Ingalls (HII.N), opens new tab, and joined forces with Edison Chouest Offshore to build container ships in the U.S. But, obstacles remain to expanding the relationship. There are difficulties obtaining parts and a lack of local talent at U.S. shipyards, said Woo Jong Hoon, a naval architecture and ocean engineering professor at Seoul National University. Political will would also be needed given the raft of U.S. regulations that protect domestic shipbuilding. A South Korean trade official called for exceptions or changes to the Jones Act, which bars foreign shipyards from building commercial ships to operate in the U.S. The Byrnes-Tollefson Amendment also prohibits the construction of navy vessels in foreign shipyards, but the president retains the authority to waive its provisions for national security. To skirt U.S. regulations, South Korea could look into ideas like building modules to be delivered to U.S. shipyards or designating a South Korean shipyard as a special district so U.S. Navy ships could be built there, Woo said. Trump's introduction to South Korean shipbuilding probably happened nearly three decades ago. The real estate mogul flew in by helicopter to visit the Geoje shipyard in 1998, recounts Lim Moon Kyu, a retired senior executive at the former Daewoo Shipbuilding company who accompanied the VIP guest "with Hollywood looks". Daewoo Shipbuilding was acquired in 2023, becoming Hanwha Ocean. At the top of a 100-metre (328 ft) high crane, Trump was given a birds-eye view of the sprawling shipyard on a southern island. "Clearly, he was impressed, saying 'Wonderful, Wonderful' on top of the crane," said Lim, as he thumbed through photos of the meeting with Trump, who was accompanied by his son Donald Trump Jr. Lim believes the visit left Trump with a lasting positive impression that means he is now open to cooperating with Korean shipbuilders to counter China's growing naval power. "What carrots do we have to give to the U.S.? Nothing but this (shipbuilding) would be immediately possible," said Lim.
The Hindu
21-07-2025
- Politics
- The Hindu
India, South Korea hold 13th high-level Coast Guard meeting in Delhi
The 13th high-level meeting between the Indian Coast Guard (ICG) and the Korea Coast Guard took place in New Delhi on Monday (July 21, 2025). The meeting was led by S. Paramesh, Director General, ICG, and Kim Yong Jin, Commissioner General of the Korea Coast Guard, on an official visit to India from July 20-24 as the head of a five-member delegation. During the meeting, discussions were held on strengthening operational cooperation in key areas, including maritime search and rescue, pollution response, and maritime law enforcement. Both sides reiterated the importance of sharing best practices, enhancing interoperability, and sustaining regular personnel exchanges under the framework of the Memorandum of Understanding (MoU) signed between the two agencies in 2006. The KCG delegation will also travel to Mumbai from July 23-24, where they are scheduled to undertake an industrial visit to Mazagon Dock Shipbuilders Limited, and ICG patrol vessels, further reinforcing maritime, industrial, and operational linkages. The meeting provided fresh momentum to the enduring and professional relationship between the two Coast Guards, and reaffirmed their joint commitment to promoting maritime safety, security, and environmental protection in the region, the ICG said. Earlier in the day, the Korea Coast Guard Commissioner called on Defence Secretary Rajesh Kumar Singh. The meeting included a discussion on enhancing India-South Korea Coast Guard cooperation, with a focus on search and rescue, and maritime pollution response, the Union Ministry of Defence posted on social media platform X.
Yahoo
04-04-2025
- Yahoo
Drug-sniffing dogs help find record haul of cocaine hidden on ship
South Korea discovered and seized two tons of cocaine hidden aboard a Norwegian-flagged vessel, authorities told AFP on Friday, marking the country's largest drug bust to date. The Korea Coast Guard said they had found two tons of what they suspect to be pure cocaine on a Norwegian-flagged ship which had departed from Mexico and made stops in Ecuador, Panama and China. The operation was launched after South Korean authorities received intelligence from U.S. agencies -- the FBI and Homeland Security Investigations (HSI) -- that the vessel was carrying hidden narcotics. The Korea Coast Guard and Korea Customs Service coordinated a large-scale search operation "consisting of a joint search team of 90 officers... along with two drug-sniffing dog units," the Korea Coast Guard said. After the vessel docked at an east coast port in South Korea, the team immediately boarded the vessel and "discovered a hidden compartment behind the ship's engine room." The drugs were packed in 56 sacks, each holding some 30 to 40 kilograms (about 66 to 88 pounds) of the drug, authorities said, bringing the total haul to around two tons. "Preliminary field tests confirmed the substances as suspected cocaine," the Korea Coast Guard official told AFP. "The seizure is the largest in history, about five times bigger than the previous record which was 404 kilograms of methamphetamine," a Korea Customs Service official told AFP. The estimated street value is $697 million, they added. Authorities have launched a joint investigation team to question the vessel's captain and crew about the origin and intended destination of the drugs, and the route used to transport them. Investigators also said they are looking into potential ties to international drug trafficking syndicates and will expand cooperation with the FBI and HSI. South Korea has long ranked among the countries with low drug use globally, thanks to its strict laws and strong social stigma. The operation follows other major cocaine seizures on ships -- and in the open seas -- around the globe this year. Just last week, Portugese police said officers recently confiscated nearly 6.5 tons of cocaine from a semi-submersible vessel, or so-called "narco sub," intercepted off the Azores while bound for the Iberian peninsula. In February, divers in Poland discovered more than 220 pounds of cocaine on the bottom of the Baltic Sea. That same month, a semi-submersible vessel loaded with over 5,000 pounds of cocaine was intercepted off the Pacific coast of Colombia. Kentucky whiskey producers react to Trump tariffs Whisky Island | 60 Minutes Archive Israeli forces expand ground operations in Gaza
Yahoo
04-04-2025
- Yahoo
South Korea seize two tons of cocaine in largest-ever drug bust
South Korea discovered and seized two tons of cocaine hidden aboard a Norwegian-flagged vessel, authorities told AFP on Friday, marking the country's largest drug bust to date. The Korea Coast Guard said they had found "two tons" of what they suspect to be pure cocaine on a Norwegian-flagged vessel which had departed from Mexico and made stops in Ecuador, Panama, and China. The operation was launched after South Korean authorities received intelligence from US agencies -- the FBI and Homeland Security Investigations (HSI) -- that the vessel was carrying hidden narcotics. The Korea Coast Guard and Korea Customs Service coordinated a large-scale search operation "consisting of a joint search team of 90 officers... along with two drug-sniffing dog units," the Korea Coast Guard said. After the vessel docked at an east coast port in South Korea, the team immediately boarded the vessel and "discovered a hidden compartment behind the ship's engine room". The drugs were packed in 56 sacks, each holding some 30 to 40 kilograms (about 66 to 88 pounds) of the drug, authorities said, bringing the total haul to around two tons. "Preliminary field tests confirmed the substances as suspected cocaine," the Korea Coast Guard official told AFP. "The seizure is the largest in history, about five times bigger than the previous record which was 404 kilograms of methamphetamine," a Korea Customs Service official told AFP. The estimated street value is one trillion won ($697 million), they added. Authorities have launched a joint investigation team to question the vessel's captain and crew about the origin and intended destination of the drugs, and the route used to transport them. Investigators also said they are looking into potential ties to international drug trafficking syndicates and will expand cooperation with the FBI and HSI. South Korea has long ranked among the countries with low drug use globally, thanks to its strict laws and strong social stigma. hs/ceb/dhc
