South Korea has launched a national council to bring its shipbuilding and shipping sectors under one coordinated industrial framework.

The Shipbuilding-Shipping Mutual Development Strategy Council was introduced in Seoul on 28 April, with about 100 participants from government, shipyards, shipping companies, and related organizations. Attendees included ministers responsible for oceans, fisheries, trade, industry and energy, as well as executives from HD Hyundai, Hanwha, Samsung Heavy Industries, HMM and Pan Ocean.

The new body will follow the W.A.V.E. strategy, short for World-class Alliance for Vessels Production & Ecosystem. Its work will focus on four areas: advanced vessel technology, stronger cooperation between shipbuilders and carriers, growth of the national fleet and domestic ship construction, and a more balanced industrial ecosystem.

South Korea remains one of the world’s leading shipbuilding nations and also holds a major position in global shipping capacity. However, the two industries have often been viewed as operating without enough coordination. Recent geopolitical pressure, including risks to Middle East energy supply routes, has added urgency to closer cooperation.

Minister of Oceans and Fisheries Hwang Jong-woo said the council would help the two industries work as one public-private team supporting the national economy and import-export logistics.

During the launch event, the three major shipbuilders, Korea Gas Corporation and the Korea Shipowners’ Association signed an MOU covering LNG transportation cooperation. The government also confirmed a 600 billion won, or $407 million, program to develop AI-based fully autonomous vessel technology. A detailed plan is expected by the end of the year.