South Korea’s Hanwha Group has taken a 9.9% stake in Australian shipbuilder Austal nearly a year after it proposed a full acquisition. Hanwha said on Tuesday that it had acquired 41.2 million shares in Austal, paying $4.45 per share.
Hanwha said it aims to become a long-term strategic partner for the Australian shipbuilder rather than making a full acquisition.
Both companies are interested in expanding US operations at a time when new President Donald Trump seeks to resurrect American shipbuilding.
Last year, Hanwha, which runs the shipyard formerly known as Daewoo Shipbuilding & Marine Engineering, selected a deal to take over the US shipbuilder Philadelphia.
Starting with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine, as well as East Asia editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he followed an independent career and wrote for a variety of titles including taking on the role of Asia editor for Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and the International Herald Tribune.
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