On August 25, HD Hyundai 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.
According to the company's release, the agreement was formalized in Washington, D.C., during the Korea-U.S. Manufacturing Partnership MOU ceremony, attended by U.S. Secretary of Commerce Howard Lutnick and Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan.
The program, described as a multi-billion-dollar initiative, will support the acquisition and modernization of U.S. shipyards, investments in suppliers to strengthen supply chains, and the development of technologies such as autonomous navigation and artificial intelligence.
HD Hyundai will act as an anchor investor as well as a technical and industrial partner. Cerberus will oversee investment management, while KDB will provide support to Korean investors.
The MOU is described as the first tangible outcome of bilateral cooperation in shipbuilding following the Korea-U.S. summit.
Earlier in 2025, HD Hyundai also signed cooperation agreements with Huntington Ingalls Industries and Edison Chouest Offshore and secured a contract with the U.S. Navy’s 7th Fleet to overhaul the USNS Alan Shepard.
HD Hyundai Co., Ltd. is a South Korea-based holding company engaged in the management and investment of affiliated businesses across shipbuilding, heavy industry, energy, and technology. It serves as the parent of Hyundai Heavy Industries Group companies.
Cerberus Capital Management, L.P. is a U.S. private investment firm registered as a limited partnership, focusing on alternative investments including private equity, credit, and real estate. It manages funds on behalf of institutional investors globally.
Korea Development Bank (KDB) is a state-owned policy bank established under the Korea Development Bank Act. It plays a central role in industrial finance in South Korea, providing funding for national projects and corporate investment.
Huntington Ingalls Industries, Inc. is a U.S. publicly traded corporation and the largest military shipbuilding company in the United States. It designs, builds, and services ships for the U.S. Navy and Coast Guard.
Edison Chouest Offshore, LLC is a U.S. privately held company engaged in offshore marine transportation and logistics services. It owns and operates a fleet supporting energy and maritime industries.