by Lloyd's List

26 August 2025 (Lloyd's List) - SOUTH KOREAN giant HD Hyundai has taken what it has called a major step in the “Make American Shipbuilding Great Again” initiative as South Korea continues to bet big on the US maritime segment.

The Memorandum of Understanding — signed as South Korean President Lee Jae Myung met with President Donald Trump in the White House — includes HD Hyundai, the Korea Development Bank and US private equity firm Cerberus Capital Management.

Seoul promised $150bn worth of investment into the US shipbuilding industry as part of a broader trade deal reached between the two countries.

HD Hyundai will serve as an anchor investor and technical partner, identifying the feasibility and growth potential of investment targets, while Cerberus will manage the scheme and oversee overall investment strategy. KDB will provide support to South Korean investment.

HD Hyundai executive vice-chairman Chung Kisun said the partnership with Cerberus “will not only provide tangible support for MASGA, which aims to revitalise the US shipbuilding industry, but also create new markets and growth opportunities for Korean shipbuilders”.

“Leveraging our proven expertise and digital capabilities, HD Hyundai will support the modernisation of US shipbuilding and work with both nations to shape a new chapter in the global shipbuilding industry.”

Cerberus chief executive said his company was “proud to announce this first-of-its kind partnership that brings together the strengths of Cerberus and HD Hyundai to support this historic commitment to revitalising the US maritime sector”.

“We believe our strategy can play an important role by bringing investments alongside operational and technical capabilities to high-impact opportunities. We would like to thank President Trump and the entire bi-partisan effort to advance maritime reindustrialisation in the Unites States and allied nations, and we are extremely grateful for the strong support from South Korea and their bold commitment to MASGA.”