Hanwha Ocean shares surge over 16% after U.S.-Korea trade deal

Hanwha Ocean shares surge over 16% after U.S.-Korea trade deal


Adie Bush | Connect Images | Getty Images

Shares of Hanwha Ocean surged as much as 16.06% on Thursday to their highest levels since July 2015, following U.S. President Donald Trump’s announcement of a blanket 15% tariff on Seoul’s exports to the U.S.

According to Reuters, Kim Dong-kwan, the vice chairman of the Hanwha Group, was part of a delegation of business leaders in Washington lobbying to eke out a trade deal.

Hanwha Group is expected to expand or upgrade facilities at its Philly Shipyard in Philadelphia, which it acquired last year, Yonhap News Agency reported, while playing a key role in revitalizing U.S. shipbuilding efforts.

Thursday marked the South Korean shipbuilder’s second consecutive session in the green. Its gains follow a surge in its operating profits in the second quarter ended June, as well as a slew of announcements.

Hanwha Ocean reported operating profits of 371.7 billion Korean won ($266.7 million) in its second quarter ended June on Tuesday. This is around 43.6% higher than the 259 billion won reported in the preceding quarter and a reversal from the losses of 10 billion won posted in the same period a year ago.

This comes on the back of a 4.8% quarter-over-quarter jump in revenues to 3.3 trillion won, thanks to stronger commercial and offshore sales, the shipbuilder announced.

The company also announced that it secured new orders amounting to 353.6 billion won on Tuesday, according to a Reuters report.

Separately, the shipbuilder, on Thursday, launched several initiatives, part of a 2023 program, with industry partners to make it more competitive globally, particularly from Chinese shipbuilders.

In another move, Hanwha Ocean also set up a new engineering center in India, according to reports from The Korea Bizwire.

Citing comments from industry sources familiar with the matter, the South Korean publication noted that the Hanwha Ocean Global Engineering Center India was inaugurated on Sunday at an industrial hub in Noida, some 26 kilometers away from India’s capital, New Delhi.



Source

The Trump crypto firm is planning expansion, from tokenized commodities to debit cards
World

The Trump crypto firm is planning expansion, from tokenized commodities to debit cards

Donald Trump Jr., co-founder of World Liberty Financial, during at the Token2049 conference in Singapore, on Wednesday, Oct. 1, 2025. Bloomberg | Bloomberg | Getty Images SINGAPORE — World Liberty Financial, a crypto venture linked to U.S. President Donald Trump, is planning to launch new products, including a debit card and tokenized commodity assets, as […]

Read More
Private payrolls declined in September by 32,000 in key ADP report coming amid shutdown data blackout
World

Private payrolls declined in September by 32,000 in key ADP report coming amid shutdown data blackout

Private payrolls saw their biggest decline in two-and-a-half years during September, a further sign of labor market weakening that compounds the data blackout accompanying the U.S. government shutdown. Companies shed a seasonally adjusted 32,000 jobs during the month, the biggest slide since March 2023, payrolls processing firm ADP reported Wednesday. Economists surveyed by Dow Jones […]

Read More
Mortgage refinance demand plunges 21%, as interest rates hit 3-week high
World

Mortgage refinance demand plunges 21%, as interest rates hit 3-week high

A brief roller coaster ride for mortgage rates caused yet another swing in demand. After dropping to a three-year low two weeks ago, rates then shot right back up again. As a result, total mortgage application volume dropped 12.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. […]

Read More