Industry minister Kim Jung-kwan launched first site visit at Hanwha Ocean, highlighting U.S. investments, workforce training, and MRO cooperation
South Korean Minister of Trade, Industry and Energy Kim Jung-kwan visited Hanwha Ocean’s shipyard in Geoje on August 14, emphasizing that the Mutual Alliance for Shipbuilding Growth and Advancement (MASGA) project would serve as “a win-win model” for revitalizing the U.S. shipbuilding industry while expanding Korea’s global market presence.
The MASGA initiative, announced during last month’s U.S.-Korea trade negotiations, formed part of a $350 billion investment package, with $150 billion allocated specifically to shipbuilding cooperation.
During the visit, Minister Kim attended the naming ceremony for two LNG carriers — the first of five vessels worth $1.2 billion ordered in 2022 by a U.S.-based LNG producer. Each vessel had a capacity of 200,000 cubic meters, equivalent to Korea’s daily LNG consumption.
The Korean government planned to establish a joint consultative body to expedite early achievements under MASGA, working closely with U.S. counterparts. Kim stressed that this was “not simply a ship order, but an opportunity for Korean shipbuilding to secure a new foothold in the global market,” adding that investment in U.S. shipyards, skilled workforce development, and supply chain rebuilding would benefit both nations.
Following the ceremony, Minister Kim toured the maintenance, repair, and overhaul (MRO) site for the U.S. Navy’s Charles Drew supply vessel within the Geoje shipyard. He expressed confidence that the project, following two prior MRO successes, would demonstrate Korea’s technical expertise in naval vessel servicing.
Kim also met with the head of the Hanwha Ocean labor union, marking the first such meeting by an industry minister at a shipyard. He called for joint labor-management-government efforts to improve workplace safety and underscored that MASGA represented new opportunities for domestic yards, not a loss of jobs to the United States.