South Korean Shipbuilders Target Global Naval Markets

Дата публикации: 13-08-2026 18:09:43

Domestic shipbuilders, who lost the bid for the Canadian submarine project that drew attention for its record-high project cost, are newly turning their eyes beyond the Asian region to the South American market. This is because new opportunities for warship exports are materializing as major countri

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Domestic shipbuilders, who lost the bid for the Canadian submarine project that drew attention for its record-high project cost, are newly turning their eyes beyond the Asian region to the South American market. This is because new opportunities for warship exports are materializing as major countries accelerate the enhancement of their naval forces and the modernization of their defense industries. In addition, as the MASCA project to strengthen cooperation in the shipbuilding industry between South Korea and the United States accelerates in earnest, whether regulations such as the ban on overseas construction will be lifted is also emerging as a matter of great interest.

According to foreign media and industry sources on Aug. 13, Hanwha Ocean is being strongly mentioned as the preferred bidder for the Royal Thai Navy’s project to introduce a 4,000-ton class next-generation frigate. It is reported that Hanwha Ocean solely passed the first qualification and technical screening, leading to observations that the possibility of winning the order has virtually increased. Including three follow-up vessels, the project cost reaches 4 trillion won (about $2.81 billion). However, it is known that the announcement of the final operator is being delayed as the Thai opposition party raised suspicions that preferential treatment was provided to Hanwha Ocean.

In the case of Hanwha Ocean, the business experience it has built up with Thailand appears to have acted as a strength in the competition for orders. It is reported that the Thai government highly evaluated Hanwha Ocean’s track record of exporting the frigate ‘Bhumibol Adulyadej’ to the Thai Navy in 2018 during its days as Daewoo Shipbuilding & Marine Engineering during the screening process.

In the Philippines, HD Hyundai Heavy Industries is aiming for the follow-up frigate project. The Philippine Navy is reviewing the introduction of new follow-up warships as part of its military modernization project. HD Hyundai delivered two modern guided-missile frigates to the Philippine Navy, which are currently in actual combat operation. At the end of last year, it also signed a construction contract with the Philippine Department of National Defense for two 3,200-ton class frigates. The fact that it has experience in constructing and delivering existing warships and a local cooperation network is expected to act as a competitive edge in additional order competitions.

In South America, winning submarine orders is an opportunity factor. HD Hyundai Heavy Industries has set Peru as a base for entering the South American defense market and has set out to target the market. Following the signing of a contract to jointly construct four surface combatants locally with Peru’s state-owned SIMA shipyard in 2024, it is currently pushing for the export of 1,500-ton class submarines to the Argentine Navy. Argentina has had a vacuum in its submarine forces since the sinking of the German-made submarine San Juan in 2017 and is pushing to introduce new submarines to reinforce its power.

Hanwha Ocean is targeting the Chilean market. Chile is pushing to replace two aging German-made submarines among the submarines it is currently operating. Hanwha Ocean is expected to participate not only in submarines but also in the multi-purpose frigate construction project promoted by Chile.

The domestic shipbuilding industry is also paying attention to the expansion of its US business. The United States has so far restricted the overseas construction of warships through an amendment to the Byrnes-Tollefson Act, which requires warships and major components to be produced in domestic shipyards. However, as the US White House recently officially requested Congress to allow the overseas construction of US Navy warships, the possibility of the door to market entry opening is also growing.

In preparation for such institutional changes in the US market, domestic shipbuilders are also putting effort into local production and technical cooperation. Samsung Heavy Industries will conduct the conceptual design of the next-generation combat logistics force project along with General Dynamics NASSCO, the largest shipyard on the US West Coast, and DSEC by March next year. It also plans to continue technical support so that the NASSCO shipyard can construct warships locally in the US in the future.

Hanwha has set out to secure a local production base in the US. It is pushing to acquire a stake in Austal USA, the US division of Australian shipbuilding and defense company Austal. If it secures a local shipyard capable of producing combat ships following its previous acquisition of Philly Shipyard, it can strengthen its warship construction capabilities in the US. Through this, it is expected to be able to bypass the law restricting the domestic production of warships and equip itself with competitiveness for orders.

An industry official explained, “As warship order projects such as submarines and frigates are increasing globally, we are keeping a close eye on the market,” adding, “Although the countries each company is focusing on are different, basically, they will positively review participation in large-scale projects emerging from overseas.”

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