Korea-US shipbuilding event set for New Orleans in December

Both governments, agencies and the big three shipbuilders expected to attend

Event seen as opportunity to advance MASGA cooperation talks

Caps bearing the logo of MASGA — a Korea-US shipbuilding cooperation project aimed at rebuilding America's shipbuilding industry — sit on tables at the opening ceremony of the Korea-US Shipbuilding Partnership Center in Washington, D.C., on July 23 (local time). [Yonhap]
Caps bearing the logo of MASGA — a Korea-US shipbuilding cooperation project aimed at rebuilding America's shipbuilding industry — sit on tables at the opening ceremony of the Korea-US Shipbuilding Partnership Center in Washington, D.C., on July 23 (local time). [Yonhap]

South Korea's shipbuilding industry is set to reaffirm its commitment to MASGA — the Korea-US shipbuilding cooperation project aimed at rebuilding America's shipbuilding industry — at an event in the United States in December. While the two countries have established a broad framework for shipbuilding cooperation and set up a dedicated hub, specific project plans have yet to be finalized, making the upcoming gathering a closely watched opportunity to push the talks forward. The United States is pursuing a revival of its domestic shipbuilding competitiveness and supply chain resilience, and is looking to Korean shipbuilders for their manufacturing and technological capabilities.

The 2026 Korea-US Shipbuilding & Marine Business Partnership New Orleans is scheduled to be held in New Orleans from Nov. 30 to Dec. 4, according to industry sources. The government-led event will be hosted by the Korea Marine Equipment Association, with major Korean shipbuilders as well as small and mid-sized shipyards and equipment manufacturers expected to attend individual sessions.

During the event, the Korea-US Shipbuilding Partnership Center (KUSPC) — which opened in Washington, D.C., in July — is expected to host a Korea-US Shipbuilding Cooperation Forum. Organizers are reportedly discussing inviting government officials from both countries, the big three Korean shipbuilders — HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean and Samsung Heavy Industries — as well as American shipyards and institutions. Should the three shipbuilders attend, additional cooperation outcomes are possible, including the signing of MOUs with US companies and organizations.

Separately, the Korea Marine Equipment Association plans to soon screen and select around 20 domestic small and mid-sized shipyards and marine equipment manufacturers to participate in a joint exhibition pavilion at the 2026 International WorkBoat Show (IWBS 2026), which runs Dec. 2 through Dec. 4 in New Orleans.

The event is drawing attention as a way to broaden cooperation between the two countries' shipbuilding industries following the launch of KUSPC. Korean shipbuilders have consistently been laying the groundwork for expansion in the US market. "Team Korea" — a consortium that includes the big three shipbuilders, the Korea Shipbuilding & Offshore Engineering Association and the Korea Research Institute of Ships and Ocean Engineering — is exploring investment and cooperation opportunities in the US shipbuilding sector, while policy finance institutions are also reviewing investment and financing options for shipbuilding-related projects in the country.

However, concrete progress on the MASGA project has remained sluggish. The two countries signed an MOU on strategic investment last November, committing to the $150 billion MASGA project, but the agreement did not specify investment targets or methods.

While the overall investment figure of $150 billion has been set, key structural details remain unresolved — including how much will be allocated to acquiring US shipyards, taking equity stakes or modernizing facilities, and how Korean and American companies will each participate. Structural challenges such as low productivity at US shipyards, high labor costs and a shortage of skilled workers also remain hurdles to be addressed.

Regulatory reform in the United States has particularly emerged as a key variable affecting the pace of MASGA. Rules governing vessels built or repaired domestically, as well as a regime restricting the overseas construction of US military vessels, could limit the scope of cooperation. Trade, Industry and Energy Minister Kim Jung-kwan said at a briefing Wednesday that "progress on issues the US must resolve first has been slower than expected, and we are actively urging the US to move forward," adding that he intends "to proceed with MASGA in earnest once the overall strategic investment project is sorted out to some degree."


keg@heraldcorp.com