South Korea

中 글로벌 조선시장 독주…韓·美 '마스가' 동맹으로 판 바꾼다

Digital Daily | Local Language | News | Nov. 28, 2025 | Shifting Geopolitical Alliances

As of the third quarter of 2025, China holds a dominant 56% share of global shipbuilding orders, significantly ahead of South Korea's 22%. China has not only maintained its volume advantage due to low labor costs but has also penetrated high-value-added and eco-friendly ship sectors traditionally led by Korea. In 2024, China surpassed Korea in orders for very large crude carriers (VLCCs), large container ships, and LNG carriers, with China commanding 72.4% of orders versus Korea's 27%. China also leads in eco-friendly ships powered by LNG or methanol fuel, holding 54.2% of orders compared to Korea's 27.4% through October 2025.

China’s growth is underpinned by strong state-level R&D investment, production automation, and a dual approach involving both 71 state-owned and 241 private shipyards. State-owned shipyards in China are catching up to Korean technology, while private yards produce large volumes of small- and mid-sized low-value vessels. By October 2025, the combined order backlog amounted to about 3,900 vessels. Conversely, the U.S. shipbuilding industry has declined significantly; despite 414 shipyards nationwide, only 19 have a commercial ship order backlog, while the Chinese navy continues to expand rapidly, projected to reach 425 vessels by 2030 compared to the U.S. Navy’s 294.

In response, South Korea and the U.S. are collaborating through the MASGA project to counter China's dominance. They plan to form a working group to enhance cooperation in commercial shipbuilding, nuclear submarines, and warships, potentially involving security ministries. Recent agreements include U.S. approval of South Korean construction of nuclear submarines and high-level U.S. Navy engagements with major Korean shipbuilders like HD Hyundai Heavy Industries. South Korea aims to leverage MASGA to enter the U.S. market, strengthen alliances, and export shipbuilding technology to build a "K-shipbuilding alliance network" that includes countries such as Saudi Arabia, Brazil, and India.

The long-term goal is to create a broad alliance of nations equipped with Korean shipbuilding technology, shifting the competitive dynamic from China versus Korea to China versus a coalition of K-shipbuilding allied countries. This strategy is intended to counter China's volume advantages and maintain the competitiveness of Korea's shipbuilding industry on the global stage.

길 잃은 홈플러스…"정부 나서달라" 호소

ZD Net Korea | Local Language | News | Nov. 28, 2025 | Regulation

Homeplus's initial attempt to find a new owner failed as no bids were submitted by the deadline, despite letters of intent from Harex Infotech and Snowmad. Both companies did not submit final bids, largely due to inadequate financial capacity. The Seoul Bankruptcy Court plans to consult with stakeholders and discuss next steps, including preparing a rehabilitation plan or pursuing a second M&A re-bidding.

Harex Infotech and Snowmad's financial instability was a major barrier. Homeplus has a liquidation value of 3.7 trillion won and liabilities of 2.9 trillion won, requiring substantial cash even if loans are secured. Harex reported significant losses and capital erosion, while Snowmad had limited liquid assets and considerable net losses, making them unable to meet the cash requirements for acquisition.

Political circles and the Homeplus union have urged government intervention, highlighting the broad economic impact on employees, suppliers, and tenant stores. NongHyup, a proposed acquirer, has declined due to its own financial weaknesses. Lawmakers and union representatives stressed that Homeplus's situation affects around 100,000 workers, 1,800 supplier companies, and 8,000 tenant stores, calling for active government and party involvement, including mobilization of public restructuring institutions and emergency funding support.

Tenant store owners expressed distress over the ongoing uncertainty, store closures, and revenue losses, urging the government to provide emergency operating funds and facilitate a stable and reasonable M&A process rather than a rushed, unstable deal. The situation remains critical with a looming deadline for rehabilitation planning by the end of next month.

이해진·송치형 "새로운 글로벌 플랫폼 질서 만들겠다"

ZD Net Korea | Local Language | News | Nov. 28, 2025 | UndeterminedBizdev-Partnering

Naver Financial and Dunamu, together with their parent company Naver, have formulated a plan to develop next-generation financial infrastructure by integrating artificial intelligence (AI) and blockchain technologies. Their goal is to create a new global platform that will extend beyond payments to cover the entire financial sector and lifestyle services.

Song Chi-hyung, chairman of Dunamu, highlighted the synergy expected from the merger, emphasizing that combining strengths will enhance global competitiveness in technology, trust, and customer base. He noted the fintech market's expansion from payments into investment, asset management, and capital markets, with blockchain-based services emerging. Song predicted this evolution would lead to a new economic ecosystem merging lifestyle services like search, shopping, and content with finance.

Song stressed that the United States is currently leading this change and urged timely action to avoid falling behind global competitors. Lee Hae-jin, chairman of Naver's board, echoed the importance of cooperation for survival and competition in this evolving landscape. Lee explained that their drive to global expansion motivated the partnership, embracing the challenge to pioneer AI technology convergence in finance on a global scale.