Japan, South Korea see potential surge in U.S. shipbuilding orders

Legislation allows foreign-built commercial ships to counter China merchant fleet

20241231 South Korea shipyard in ULSAN

Workers walk into a ship under construction at Hyundai Heavy Industries' shipyard in Ulsan, South Korea. U.S. lawmakers want to tap Korean shipbuilding capacity to catch up with China. © Reuters

KEN MORIYASU, Nikkei Asia diplomatic correspondent

WASHINGTON -- Japanese and South Korean shipyards may see a surge in U.S. orders beginning in 2025 if a bill proposed by a bipartisan group of U.S. House and Senate members becomes law.

The "SHIPS for America Act of 2024" seeks to expand the fleet of U.S.-flagged ships engaged in international commerce to 250 in 10 years.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.