HD Hyundai Co., the world’s largest shipbuilding group, is emerging as a key beneficiary of the Trump administration’s tariff policies as global ocean carriers are turning to South Korean shipyards to avoid heavy duties the US government is mulling against Chinese ships.HD Hyundai Samho Co.and HD Hyundai Mipo Co., under HD Hyundai Heavy Industries Co., are set to bag orders worth about $1.55 billion in total from Capital Maritime, according to shipping industry sources on Friday.
Since Donald Trump’s return to the White House in January, South Korean shipbuilders’ market share rebounded to 27% as of the end of Mrarch in terms of order volume, while that of China dropped to 49%.“Cargo companies shipping to the US are increasingly steering clear of Chinese-built vessels on concerns over potential US sanctions against China,” said a shipbuilding industry official.“Global shipping companies are expected to turn more frequently to Korean shipbuilders.”By Jin-Won KimJin1@hankyung.comYeonhee Kim edited this article.
However, it has shifted to HD Hyundai after Washington floated a plan to levy heavy duties on Chinese-made ships, or vessels operated by Chinese companies.
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