Canada’s defence procurement secretary toured Hanwha Ocean’s Geoje yard, reviewing the KSS-III submarine proposed for CPSP and related Canadian industrial partnerships.
Korean shipbuilders are gaining an edge over China by stressing early, on-time delivery as freight rates soften. SCFI fell to 1,457.86, while faster handovers and dock expertise help win new orders.
ORIX-backed Sakura Ocean forms a Japan-based shipowning platform and plans three domestic newbuilds—one each at Imabari, Tsuneishi, and Onomichi—for delivery by 2030.
Jiangnan Shipyard secured a contract to build four 175,000 m³ LNG carriers for Shell charter, owned by Minsheng Financial Leasing, with delivery scheduled for 2028–2029.
Cochin Shipyard approved a 23% stake plan in Conoship International and a JV with HBL Engineering for maritime electric mobility and energy storage, with agreements expected within six months.
Unions in South Korea are pressing major shipyards to extend proportional performance bonuses to outsourced workers, citing widening pay gaps despite strong yard results.
Samsung Heavy Industries reported sales of 10.65 trillion won and operating profit of 862.2 billion won, returning above 10 trillion won annual revenue for the first time since 2016.
GTT signed tank design contracts with Hanwha Ocean, Samsung Heavy Industries and HD KSOE for seven 174,000 m³ LNG carriers, using Mark III Flex and NO96 Super+ systems with deliveries from 2028 to 2029.
Hanwha Ocean to provide Algoma with up to USD $250 million (approx. CAD $345 million) to support Algoma’s diversification strategy and strengthen domestic supply chains for Canadian defense procurement
