Washington vs. Davos: Shipbuilding rivals take different paths, again

Korea’s two rival shipbuilders highlighted the contrast in their main priorities once again, choosing different overseas events as the destinations of their heirs’ business trips this week.

Hanwha Group Vice Chairman Kim Dong-kwan paid an unexpected five-day visit to Washington this week, for his participation in a candlelit dinner on Sunday and the Starlight Ball on Monday, both of which were held on the sidelines of Donald Trump’s inauguration as the 47th U.S. president.

HD Hyundai Executive Vice Chairman Chung Ki-sun, on the other hand, flew to Davos, Switzerland, for the third straight year to attend the five-day World Economic Forum (WEF), which kicked off on Monday.

In the U.S. capital, Kim focused more on promoting his company’s defense technologies.

Revealing his photos with U.S. Secretary of State Marco Rubio, Defense Secretary nominee Pete Hegseth and National Security Adviser Mike Waltz, Hanwha said on Wednesday that the vice chairman introduced the group’s shipbuilding and aerospace capabilities to Trump aides in charge of national security.

“Kim also discussed the new U.S. government’s energy policies with Interior Secretary nominee Doug Burgum, and met multiple Republican lawmakers and the CEOs of global defense companies,” the conglomerate added.

HD Hyundai Executive Vice Chairman Chung Ki-sun, second from left, talks to Saudi Arabia’s Economy and Planning Minister Faisal Alibrahim, second from right, in Davos, Switzerland, Monday (local time). Courtesy of Saudi Arabia’s Ministry of Economy and Planning

In contrast, Chung showcased his company’s shipbuilding and offshore technologies for nonmilitary purposes at the WEF.

He also met Saudi Arabia’s economy minister at the forum to discuss industrial innovation, maritime sustainability and opportunities available within the Middle East country’s Vision 2030 initiative.

“Chung unveiled the blueprint for the ‘future of shipyard’ project through a promotional video of Palantir Technologies,” HD Hyundai said.

The conglomerate added that its executive vice chairman joined the CEOs of A.P. Moller-Maersk, PSA International, Shell, TotalEnergies and various other world-leading companies in pursuing international cooperation for energy transition.

In 2023, Chung also participated in the Gastech industry conference in Singapore from the start, while Kim attended the global gas technologies show later to participate in the International Defense Industry Exhibition in Poland.

Additionally, Hanwha has expanded more rapidly than HD Hyundai in the U.S. naval ship market, obtaining orders to repair U.S. naval vessels and acquiring a shipyard in Philadelphia.

In terms of winning orders to build commercial vessels, HD Hyundai has outpaced Hanwha.

Given the soaring demand in the global warship market, however, HD Hyundai has reinforced its naval ship business, with a plan to join bids for the maintenance of U.S. Navy vessels this year.

Hanwha has kept close watch on the WEF, tasking Hanwha Life Insurance President Kim Dong-won, the vice chairman’s younger brother, with hosting a dinner in Davos and building personal networks with global leaders.

Meanwhile, Trump’s inauguration and the WEF also unintentionally juxtaposed two local Korean government heads, both of whom are seen as potential presidential candidates of rival parties.

After severe cold weather forced the Trump inauguration indoors, Daegu Mayor Hong Joon-pyo of the ruling People Power Party had to watch the U.S. president on television at a hotel in Washington and failed to meet senators due to their busy schedules.

Gyeonggi Province Gov. Kim Dong-yeon, who belongs to the main opposition Democratic Party of Korea, met former U.S. Vice President Al Gore and ministers from France and Singapore at the WEF, attracting attention from global media concerned about the country’s political turmoil.