[Exclusive] Hanwha Ocean CEO Kim Heecheol to Hold Closed One-on-One Meeting with U.S. Government Tomorrow [Yang Nakgyu's Defence Club]

Separate Meeting Scheduled at APEC Trade Meeting in Jeju
Unprecedented Request from U.S. for Exclusive Meeting with Korean Company

Kim Heecheol, CEO of Hanwha Ocean, will hold a closed one-on-one meeting with Jamieson Greer, the U.S. Trade Representative (USTR), on the 16th. They are scheduled to meet during the Asia-Pacific Economic Cooperation (APEC) Trade Meeting, which will be held in Jeju for two days starting on the 15th. It is unusual for the U.S. government to request a meeting with a Korean company since the Donald Trump administration. During this meeting, they are expected to discuss U.S.-Korea cooperation in the maritime and shipbuilding sectors, and there is anticipation that this could serve as leverage in U.S.-Korea tariff negotiations.

According to the government on the 15th, the APEC Trade Meeting will be attended by Greer and other members of the U.S. government delegation, who will hold high-level secondary tariff discussions with the Korean government. Greer, who is visiting Korea for the first time since taking office, first proposed a closed one-on-one meeting with Hanwha Ocean at the APEC Trade Meeting. This is because the U.S. Congress, having introduced the SHIPS Act last December to enhance the security of U.S. shipbuilding and port infrastructure, considers Hanwha Ocean the only shipbuilding company that fits the criteria outlined in the act.

During the closed meeting, it is expected that more concrete discussions will take place compared to the customized shipbuilding cooperation plan proposed by the Korean government at last month's U.S.-Korea 2+2 trade talks. Hanwha Ocean is expected to propose additional investment plans beyond its investment in the Philippine shipyard, cooperation in the development of maritime personnel, and schedules for new shipbuilding projects. If these proposals align with the U.S. shipbuilding schedule, it could lead to a request for a large-scale shipbuilding package.

Hanwha Ocean is currently focusing on maintenance, repair, and overhaul (MRO) operations. Last year, Hanwha Ocean was responsible for the repair of the U.S. Navy's Wally Schirra, a logistics support ship, and has since taken on the repair of the USNS Yukon, a replenishment oiler assigned to the 7th Fleet. Hanwha Ocean is aiming to secure an additional 5 to 6 orders this year. For the U.S. Navy MRO business, Hanwha Ocean plans to utilize Austal, an Australian shipbuilding and defense industry company.

However, there are also competing countries in the U.S. Navy MRO business. When Hanwha Ocean President Jung Inseop attended the 2025 SelectUSA Investment Summit, a large Japanese delegation was also present. Attendees included Uehara Atsushi, Director-General of the Ministry of Land, Infrastructure, Transport and Tourism, as well as representatives from Japan Marine United (JMU), Mitsubishi Heavy Industries, and other Japanese shipyards. The Japanese side is emphasizing the geographical advantage of the U.S. Navy's 7th Fleet being stationed at the Yokosuka Naval Base in Japan.

Hanwha Ocean plans to secure the non-combatant shipbuilding project first. This is based on the "SHIPS for America Act," jointly introduced by bipartisan members of the U.S. Senate and House of Representatives on April 30. The act includes a plan to increase the number of U.S.-built international merchant ships from the current 80 to 250 within the next 10 years, thereby operating a "strategic merchant fleet." The strategic merchant fleet consists of civilian vessels that can transport supplies in emergencies and can be mobilized only during wartime. Hanwha Ocean assesses that, due to the high level of confidentiality surrounding combat ships, it is more realistic to begin cooperation with Korea by building logistics support vessels.

As the Trump administration has expressed its intention to incorporate Greenland, a Danish territory, there is also an expectation of increased demand for icebreakers. Hanwha Ocean, dating back to its predecessor Daewoo Shipbuilding & Marine Engineering, has built icebreaking liquefied natural gas (LNG) carriers.

Within and outside the government, there is a growing view that "K-shipbuilding" could rapidly emerge as leverage in U.S.-Korea tariff negotiations. The two countries are coordinating the methods and scope of discussions in four key areas: tariff and non-tariff measures, economic security, investment cooperation, and currency (exchange rate) policy. As industrial cooperation channels such as shipbuilding become more concrete, it is expected that discussions will be finalized by the negotiation deadline of July 8.