In response to the ever-evolving maritime industry landscape, HD Korea Shipbuilding & Offshore Engineering (KSOE) is strategically considering overseas shipyard acquisitions to fortify its global presence, reduce operational costs, and ensure access to a proficient workforce. In a recent interview, COO Park Seung-yong highlights the company’s commitment to long-term market sustainability and discusses their current ventures and prospective overseas expansions, as reported by Business Korea .
- HD KSOE explores overseas shipyard acquisitions to cut costs and secure a skilled workforce for long-term sustainability.
- The shipbuilder already owns Hyundai Vietnam Shipbuilding and is establishing a joint venture shipyard in Saudi Arabia, with potential interest in acquiring Agila Subic Shipyard in the Philippines.
- Political stability in host countries is vital for the success of HD KSOE’s overseas shipyard operations, and the company plans to enhance shipbuilding capabilities in its existing facilities, like Hyundai Vietnam Shipbuilding.
Adapting To Long-Term Market Needs
HD Korea Shipbuilding & Offshore Engineering (KSOE) is actively considering the acquisition of overseas shipyards as part of its strategy to reduce costs and secure a skilled workforce. Chief Operating Officer (COO) Park Seung-yong highlights the importance of long-term business sustainability in a recent interview.
Expanding Global Footprint
Currently, HD KSOE owns Hyundai Vietnam Shipbuilding and is in the process of establishing a joint venture shipyard in Saudi Arabia. This expansion underscores the shipbuilder’s global ambitions, and industry sources suggest a potential acquisition of Agila Subic Shipyard in the Philippines.
The Role Of Political Stability
Park emphasizes the significance of political stability in the countries where overseas shipyards may be secured. This aspect is crucial for seamless operations and ensuring a conducive business environment for HD KSOE’s ventures abroad.
Advancing Shipbuilding Capabilities
Regarding Hyundai Vietnam Shipbuilding, known for constructing medium-sized oil tankers, Park envisions a future where more advanced vessels will be built there. This indicates HD KSOE’s commitment to enhancing its shipbuilding capabilities in its existing overseas facilities.
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Source:Business Korea
