Shipbuilding
Seoul stocks hit record high then rebound on defense, shipbuilding gains
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Seoul's stock market set a new record high on January 8 driven by strong defense and shipbuilding stocks, then dipped early on January 9 before rebounding later in the morning. The KOSPI index closed at 4,552.37 on the 8th, its all-time high, and rose 0.3 percent to 4,565.88 by 11:20 a.m. on the 9th. Institutional and individual buying offset foreign selling to support the market.
Italian shipbuilder T. Mariotti has secured a contract to construct a new ultra-luxury cruise vessel. The ship will accommodate 100 passengers and is being built for Neptune Co.
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Industry Minister Kim Jung-kwan departed for Canada on March 5 to support a Korean consortium's bid for the country's patrol submarine project. The deal involves procuring up to 12 submarines in a project valued at around 60 trillion won ($41-43 billion), with the Korean group as one of two finalists alongside Germany's Thyssenkrupp Marine Systems. The minister indicated that Korean investments in Canada could be reduced if the contract is split.
The chief of U.S. naval operations, Adm. Daryl Caudle, visited the shipyards of South Korea's leading shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean to discuss shipbuilding cooperation between Seoul and Washington. The visit focused on advancing the Make American Shipbuilding Great Again (MASGA) initiative. It is expected to accelerate talks on technological cooperation and supply-chain integration.
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The Japan Fair Trade Commission plans to approve mergers and acquisitions among domestic shipbuilders and joint procurement of critical raw materials to strengthen economic security. With China in mind, it will also permit information sharing among companies receiving overseas acquisition proposals. The move aims to boost Japanese firms' international competitiveness and prevent technology leaks.