China’s shipbuilding sector faces a sharp 73% drop in new orders as global demand slows and U.S. restrictions tighten, while South Korea expands its market share in high-value vessels.
China has imposed sanctions on Hanwha Ocean’s U.S. subsidiaries, but South Korea’s shipbuilding industry remains largely unaffected, emphasizing its resilience through high-value, technology-driven specialization.
China’s Ministry of Commerce sanctioned five U.S.-linked subsidiaries of Hanwha Ocean under the Anti-Foreign Sanctions Law, escalating tensions in shipbuilding and logistics.
PaxOcean has completed the successful redelivery of the CLV Bentang Bahari to PT Ketrosden Triasmitra, after a full conversion at its Batam yard, enhancing Indonesia’s subsea cable capacity.
Maersk Offshore Wind has terminated its $475 million Wind Turbine Installation Vessel (WTIV) construction contract with Singapore’s Seatrium. The move comes as the vessel nears completion, triggering commercial and legal implications for both companies.
Hanwha strengthens its position in the U.S. shipbuilding industry by appointing retired Rear Admiral Tom Anderson as President of its U.S. Shipbuilding Division.
Hanwha Ocean has achieved a global first by completing an LNG ship-to-ship transfer during sea trials, demonstrating cutting-edge innovation in maritime LNG technology.
Seatrium has started steel cutting for Penta-Ocean’s 5,000-ton crane Heavy Lift Vessel, part of Japan’s offshore wind expansion strategy.
Samsung Heavy Industries is poised to secure a KRW 3.5 trillion offshore contract for Mozambique’s Coral Norte FLNG project, with Eni expected to issue a final investment decision soon.
