South Korea’s sovereign wealth fund backs Hyundai Heavy with new $900m acquisition vehicle

Korea, Inc is rallying to ensure it ensure it has global shipbuilding champions for further generations. Korea Investment Corp (KIC), South Korea’s sovereign wealth fund, has signed a deal with Hyundai Heavy Industries (HHI), the country’s top shipbuilding group, to jointly invest KRW1trn ($900m) in mergers and acquisitions of global companies in areas including artificial intelligence, autonomous ships and hydrogen fuel cells.

HHI is closing in on completing a merger with Daewoo Shipbuilding & Marine Engineering (DSME) and is leading research and development into many of the next generation of ships. It faces stiff competition from China, where Beijing has merged its two state-run shipbuilding groups to create a behemoth with a similar scale to HHI.

Sam Chambers

Starting out 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 pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at 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.


  1. Dear Sam Chambers,
    I am about to complete my Masters in AI. My capstone project is developing models to project price of ship-plate-steel. I’ve been focused on areas you discussed in your articles!! Do you have 15 mins next week to talk ? I’d love your career advice. Thank you so much ! Karen fireman

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