South Korea’s Hanwha Ocean is in Beijing’s crosshairs, which accuses the shipbuilding colossus of participating in the recent US research aimed at China’s shipping and shipbuilding dominance. In this context, on Tuesday, October 13, China’s Ministry of Commerce announced the imposition of sanctions on five US-based subsidiary companies of Hanwha Ocean.
According to a Reuters report, these Chinese sanctions aim to undermine South Korea-US cooperation, while simultaneously putting pressure on Washington’s Asian ally.
It is recalled that China’s Ministry of Commerce prohibited transactions and cooperation with the US-linked subsidiaries of Hanwha Ocean, citing risks to the country’s national security.
“China’s targeting of Hanwha is an attempt to undermine US-South Korea cooperation to revive the US shipbuilding industry,” a State Department spokesperson said, according to the same report.
The following companies are involved: Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.
