FPSO P-79 has departed Geoje-Si for the Búzios field in the Santos Basin. Petrobras plans for the unit to arrive in February 2026 and begin production in August 2026, adding capacity to the field’s ongoing development.
U.S. naval operations chief Adm. Daryl Caudle met with HD Hyundai and Hanwha Ocean executives during visits to Ulsan and Geoje shipyards, where both companies outlined cooperation plans linked to the MASGA initiative and U.S. naval programs.
Scorpio Tankers has signed letters of intent for two 320,000 dwt VLCCs at Hanwha Ocean, marking its return to the crude market after a decade. Each vessel is priced at $128 million, with deliveries set for the third and fourth quarters of 2028.
China has delayed for one year sanctions on five U.S. subsidiaries of Hanwha Group after the U.S. suspended Section 301 measures under a trade ceasefire in the maritime and shipbuilding sectors.
Samsung Heavy Industries joined Korea’s $150 billion MASGA initiative with a partnership with DSEC, marking the Big Three’s united entry into U.S. shipbuilding cooperation.
HD Hyundai and Siemens signed an MoU at APEC 2025 to digitalize U.S. shipyards, while Hanwha Ocean discussed submarine cooperation with the Philippines.
Canada’s Prime Minister Mark Carney and Defence Minister toured Hanwha Ocean’s Geoje shipyard to inspect the KSS-III Batch-II submarine, a CPSP candidate.
Korea’s major shipbuilders posted strong Q3 2025 earnings, but rising container ship orders and Chinese price competition have raised profitability concerns.
Greek shipowner JHI Steamship is finalising a deal with K Shipbuilding for two Aframax tankers, marking what would be its first South Korean newbuilding project.
