Shares in South Korean shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean rose more than 15% and 16%, respectively, today, after two U.S. senators debuted a bill to allow the U.S. Navy
Shares in South Korean shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean rose more than 15% and 16%, respectively, today, after two U.S. senators debuted a bill to allow the U.S. Navy to build naval vessels in a shipyard located in a U.S. allied country.
Senators Mike Lee (R-UT) and John Curtis (R-UT) have introduced two new bills aimed at enhancing the readiness and capabilities of the United States Navy and Coast Guard. The "Ensuring Naval Readiness Act" and the "Ensuring Coast Guard Readiness Act" seek to modernize shipbuilding processes and strengthen partnerships with allied nations to expedite maritime procurement.
“Both bills are about leveraging our diplomatic relationships and the comparative advantages of our allies to ensure America remains at the forefront of maritime security,” said Senator Lee. “By modernizing our approach to shipbuilding and repair, we can enhance our readiness and maintain our military edge, all while ensuring fiscal responsibility.”
The "Ensuring Naval Readiness Act" addresses the Navy's goal of expanding to a 355-ship fleet, as recommended by the Force Structure Assessment. The legislation proposes allowing ship construction and component manufacturing in shipyards of NATO member countries and Indo-Pacific allies, aiming to reduce costs and accelerate delivery times.
Meanwhile,
Content Original Link:
" target="_blank">
