Wisconsin company works with top shipbuilder to modernize US shipyards
Superior, Wisconsin – In a bid to rejuvenate the U.S. shipbuilding industry, Fraser Industries, a renowned shipyard based in Superior, has established a significant partnership with HD Korea Shipbuilding & Offshore Engineering, the parent company of HD Hyundai’s shipbuilding division. This collaboration comes as the Trump administration seeks to boost U.S. shipbuilding in conjunction with South Korea.
Korea-U.S. Shipbuilding Partnership Center Inaugurated in Washington D.C.
The memorandum of understanding between Fraser Industries and HD Korea Shipbuilding was formalized during the opening of the Korea-U.S. Shipbuilding Partnership Center in Washington D.C. on July 23. This center will supervise South Korea’s substantial $150 billion investment in the U.S. shipbuilding sector. The investment is a pivotal component of a bilateral agreement reached in November to reduce American tariffs on South Korean imports, including automobiles, to 15 percent.
Focus on Workforce Development and Technological Advancements
The partnership between Fraser and HD Hyundai aims to enhance workforce development, supply chains, and research and development within the U.S. shipbuilding industry. Plans include the modernization of Fraser Shipyards by incorporating cutting-edge technologies such as automation equipment and artificial intelligence (AI). Patrick Kelly, CEO of Fraser Industries, emphasized the positive impact of AI, stating that it would lead to increased efficiency, attracting more contracts, customers, vendors, and partners. This expansion is expected to create more job opportunities and bolster the shipyard’s capabilities.
Fraser Shipyards, a historic establishment dating back to 1890, currently employs around 200 individuals year-round, with the number surging during winter months for ship maintenance activities. The addition of new jobs will be contingent on attracting customers and securing contracts.
Kim Hyung-kwan, CEO of HD Korea Shipbuilding & Offshore Engineering, expressed the company’s commitment to expanding cooperation with the U.S. shipbuilding industry. The goal is to support Fraser Shipyards in becoming a pivotal hub for revitalizing the U.S. shipbuilding sector.
In light of President Donald Trump’s initiative to enhance the nation’s shipbuilding capacity, the collaboration between U.S. and South Korean entities signifies a significant step towards achieving this goal. The partnership not only underscores the potential for growth and innovation within the shipbuilding industry but also showcases a strategic alliance aimed at bolstering American competitiveness on the global stage.
The voyage towards revitalizing U.S. shipbuilding is set to embark on a path paved with collaboration, technological advancements, and a shared commitment to driving growth and sustainability in the maritime sector.
