South Korean Shipbuilders Target Global Naval Markets
Domestic shipbuilders, who lost the bid for the Canadian submarine project that drew attention for its record-high project cost, are newly turning their eyes beyond the Asian region to the South American market. This is because new opportunities for warship exports are materializing as major countri
South Korean shipbuilders are expanding their focus to global naval markets, driven by the need to enhance naval forces and modernize defense industries. Hanwha Ocean, in particular, is seen as a strong contender for the Royal Thai Navy's next-generation frigate project, which is valued at approximately $2.81 billion. The Thai government has shown confidence in Hanwha Ocean's track record, particularly its experience in exporting the 'Bhumibol Adulyadej' frigate to the Thai Navy in 2018.
In the Philippines, HD Hyundai Heavy Industries is targeting a follow-up frigate project, having already delivered two modern guided-missile frigates to the Philippine Navy. In South America, HD Hyundai Heavy Industries is setting its sights on Peru as a base for entering the South American defense market, with plans to export 1,500-ton class submarines to the Argentine Navy.
Chile is also considering Hanwha Ocean for submarine replacement and multi-purpose frigate construction projects. In the United States, domestic shipbuilders are preparing for potential changes to the Byrnes-Tollefson Act, which currently restricts overseas construction of warships. Samsung Heavy Industries is collaborating with General Dynamics NASSCO and DSEC to conduct conceptual design and technical support for the next-generation combat logistics force project in the US.
Hanwha is also exploring the acquisition of a stake in Austal USA, a US division of Australian shipbuilding and defense company Austal, to strengthen its warship construction capabilities in the US.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
