HD Hyundai has officially unveiled a multi-billion-dollar investment initiative aimed at revitalizing the U.S. shipbuilding industry, marking the first step in its “Make American Shipbuilding Great Again (MASGA)” initiative.
On August 25 in Washington, D.C., the company signed a Memorandum of Understanding (MOU) with Cerberus Capital and the Korea Development Bank (KDB) to establish a Korea-U.S. maritime joint investment program. The agreement was signed during the Korea-U.S. Manufacturing Partnership ceremony, attended by U.S. Secretary of Commerce Howard Lutnick and Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan.
The program will focus on strengthening U.S. maritime capabilities through the acquisition and modernization of shipyards, investments in equipment and supply chains, and the development of advanced shipbuilding technologies, including AI and autonomous navigation.
HD Hyundai will act as both anchor investor and technical partner, contributing its expertise in evaluating the competitiveness and growth potential of projects. Cerberus will manage the program’s strategy and operations, while KDB will support Korean investors to ensure long-term success.
“This partnership will provide tangible support for MASGA while creating new growth opportunities for Korean shipbuilders,” said Chung Kisun, Executive Vice Chairman of HD Hyundai. “Leveraging our expertise, we will help modernize U.S. shipbuilding and strengthen collaboration between both nations.”
Cerberus CEO Frank Bruno emphasized the program’s historic scope, calling it a “first-of-its-kind partnership” to reindustrialize U.S. maritime infrastructure. KDB Vice Chairman Kim Bock-kyu highlighted the agreement as a “visionary model of cooperation” reflecting the enduring trust between Korea and the United States.
The announcement builds on Hyundai’s recent U.S. partnerships, including naval cooperation with Huntington Ingalls Industries, a commercial vessel deal with Edison Chouest Offshore, and a U.S. Navy overhaul contract earlier this month.
