HD Hyundai, Hanwha Ocean to jointly bid for high-stakes warship deals

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HD Hyundai, Hanwha Ocean to jointly bid for high-stakes warship deals - Korea Economic Daily

Quick Summary:

South Korea’s two warship builders – HD Hyundai Heavy Industries Co.and Hanwha Ocean Co.– have agreed to join forces to pursue a series of high-stakes international warship construction deals, beginning with a 70 trillion won ($49 billion) Canadian submarine project.

By working together, we can secure bigger, more strategic deals on the world stage,” said a DAPA official.“This is just the beginning of a broader push to dominate the global warship market.”The two companies have fiercely competed for shipbuilding projects in Korea and abroad and were recently embroiled in a legal battle over the 7.8 trillion won next-generation Korean destroyer project, dubbed KDDX.

By contrast, Japan and Germany advanced to the shortlist with unified national teams.“This was a wake-up call,” said a Korean defense industry official.“Japan, which has no prior record of exporting warships, made the shortlist while Korea’s two biggest defense firms canceled each other out.” Industry officials said the failure resulted from their discord over the Korean Navy’s KDDX project.