HD Hyundai announced that it attended the Korea-U.S. Manufacturing Partnership MOU signing ceremony held at the Willard Intercontinental Hotel in Washington, D.C. on the 25th (local time) hosted by U.S. Secretary of Commerce Howard Rutnick and Minister of Trade, Industry and Energy Kim Jeong-kwan, and signed a ‘Memorandum of Understanding (MOU) for the Establishment of a Korea-U.S. Shipbuilding Industry Joint Investment Program’ with Cerberus Capital and the Korea Development Bank.
HD Hyundai Heavy Industries press release
The event was attended by Jeong Gi-seon, Senior Vice Chairman of HD Hyundai, Frank Bruno, CEO of Cerberus Capital, and Kim Bok-gyu, Senior Vice President of the Korea Development Bank.
This investment program aims to rebuild and strengthen the maritime capabilities of the United States and its allies, including the U.S. shipbuilding industry, maritime logistics infrastructure, and advanced maritime technologies. Key investment areas include: acquisition and modernization of U.S. shipyards; investment in equipment suppliers to strengthen the supply chain; and development of advanced shipbuilding technologies such as autonomous navigation and AI.
HD Hyundai plans to participate as an anchor investor and technology advisor, supporting the successful operation of the investment program. Drawing on its accumulated industry expertise in the shipbuilding and marine sectors, HD Hyundai will review the technological feasibility, competitiveness, and growth potential of investment targets, thereby supporting investment decision-making.
As the investment program manager, Cerberus Capital will be responsible for developing and managing the overall investment strategy. The Korea Development Bank will design the participation structure for Korean investors and support recruitment efforts, thereby supporting the successful operation of the investment program.
This MOU marks the first instance of tangible implementation of the bilateral cooperation framework centered on the shipbuilding industry since the Korea-US summit. HD Hyundai anticipates this will serve as a significant opportunity to strengthen strategic cooperation between the two countries in the shipbuilding sector and establish a new model for cooperation.
“We believe that our collaboration with Cerberus Capital will provide practical assistance to Mars in its goal of rebuilding the shipbuilding industry of our ally, the United States, while also opening up new markets and growth opportunities for the Korean shipbuilding industry,” said Jeong Ki-sun, Senior Vice President of HD Hyundai. “Based on our accumulated shipbuilding technology and digital capabilities, HD Hyundai will support the modernization and advancement of the U.S. shipbuilding industry and contribute to our two countries jointly opening a new chapter in the global shipbuilding industry.”
Frank Bruno, CEO of Cerberus Capital, said, “We are thrilled to announce this unprecedented partnership with HD Hyundai to strengthen the U.S. shipbuilding industry. This program will play a key role in creating new opportunities by combining not only investment but also operational and technical capabilities.” He added, “We are grateful to President Trump and the U.S. Congress for their bipartisan efforts to rebuild the maritime industry, and we express our deepest gratitude to Korea for its bold investment and support of Masga.”
Kim Bok-gyu, Senior Vice President of the Korea Development Bank, said, “This investment program, jointly promoted by HD Hyundai and Cerberus, is a new model of cooperation in the shipbuilding industry and a testament to the deep trust and partnership between Korea and the U.S. As a representative of the Korean financial community, the Korea Development Bank will actively support the successful establishment of this program.”
Meanwhile, HD Hyundai continues its active collaboration with the United States and its efforts to revitalize the shipbuilding industry. In April of this year, it signed a defense industry cooperation MOU with Huntington Ingalls Industries, and in June, it signed a merchant shipping partnership with Edison Chouest Offshore. Earlier this month, it also secured a contract for the regular overhaul of the USNS Alan Shepard, a 41,000-ton cargo replenishment ship belonging to the US Navy’s 7th Fleet.
* MASGA (Make American Shipbuilding Great Again) Project
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