Hanwha Ocean has signed a joint design agreement with a US naval architecture firm to develop the Fast Sealift vessel, expanding its collaboration with the US shipbuilding industry beyond ship construction to design, workforce development and supply chain initiatives.

The company announced on July 24 that it signed one professional services agreement for the joint design of a global strategic sealift vessel and two memoranda of understanding (MOUs) covering shipbuilding workforce development and supply chain cooperation during the opening ceremony of the Korea-US Shipbuilding Cooperation Center in Washington, D.C. on July 23.

Hanwha Ocean signed the professional services agreement with Leidos Gibbs & Cox, a US naval architecture company, to jointly design the strategic sealift vessel. The agreement expands the partnership beyond the memorandum of understanding signed in April, which focused on strengthening shipbuilding capabilities for the US Navy and allied naval forces, into the joint design phase.

A Fast Sealift vessel is a dual-use platform that operates as a commercial cargo ship during peacetime and can rapidly transport military equipment and supplies during emergencies.

The companies plan to combine Hanwha Ocean's naval shipbuilding expertise with the design capabilities of Leidos Gibbs & Cox to pursue opportunities in both the US and global naval vessel markets. Gibbs & Cox has designed more than 70% of the US Navy's surface combatants built since World War II.

Hanwha Ocean also signed an MOU with Hanwha Philly Shipyard and Delaware County Community College to cooperate on shipbuilding education and workforce development. Under the agreement, the partners will develop instructor training programs for US shipbuilding workers and help expand the pool of skilled labor.

"We will expand cooperation in the areas the United States needs most by leveraging our local production base and play a central role in the MASGA project," said Jeong In-seob, president and head of Management Support at Hanwha Ocean.

LIG Defense & Aerospace (LIG D&A) is expanding cooperation with UK defense contractor Babcock International in next-generation defense sectors, including launch vehicles, precision-guided munitions (PGM), frigates, and unmanned systems.

LIG D&A announced on July 23, 2026, that it signed a Strategic Cooperation Agreement (SCA) with Babcock at the Farnborough International Airshow 2026 held in the United Kingdom.

Under the agreement, the two companies will integrate their global supply chains and pursue the joint development of an AH-140 (Arrowhead 140) frigate platform equipped with LIG D&A systems. The AH-140 is an export-oriented naval platform developed by Babcock based on the Royal Navy’s Type 31 frigate.

The companies will also jointly develop launch vehicles and PGMs while establishing a full life-cycle support system covering maintenance, repair, and overhaul (MRO) and capability upgrades. In addition, collaboration will expand into robotics and autonomous unmanned systems.

“This agreement will serve as an opportunity to secure new competitiveness in the global market,” said Lee Hyun-soo, head of LIG D&A’s Global Business Division. “We will continue to expand our partnership to provide integrated maritime defense solutions.”

LS Electric Co. posted record quarterly revenue and operating profit for the second quarter of 2026.

​The company said in a regulatory filing on July 23 that it reported consolidated revenue of KRW 1.577 trillion and operating profit of KRW 178.5 billion for the second quarter. The figures increased 32.2% and 64.4%, respectively, from a year earlier.

​New orders totaled approximately KRW 2.1 trillion, while the company's order backlog rose by about KRW 1.4 trillion from the previous quarter to KRW 7 trillion.

​Growth was driven by its data center power distribution business and extra-high-voltage (EHV) transformer business. Demand for power distribution solutions increased as investments in artificial intelligence (AI) data centers and electric power grids accelerated. Shipments of EHV transformers also expanded, particularly in North America.

​Second-quarter revenue from EHV transformers climbed 91.2% from a year earlier. Revenue at subsidiary LS Power Solution increased 39%, while North American revenue reached approximately KRW 400 billion, marking a record high on a quarterly basis.

​LS Electric said it plans to expand investment in its manufacturing bases in Utah and Texas to increase local production capacity and further strengthen its presence in the North American market.

Hanwha Vision Co. has obtained South Korea's National Intelligence Service (NIS) security certification for four artificial intelligence (AI) CCTV models, securing a key qualification required to supply products to public-sector organizations and expanding its presence in the government video surveillance market.

​Hanwha Vision said on July 23 that four models in its flagship P Series AI 4K camera lineup received the NIS Security Function Verification Certificate last month. The certified products include Box, Dome, Bullet, and Vandal camera models.

​The Security Function Verification Certificate is a mandatory security qualification for products supplied to public institutions in South Korea. Products must meet NIS security standards covering data protection, software security, and access control.

​Hanwha Vision said it applied government-designated encryption technology throughout the image generation, transmission, and storage processes. The cameras also incorporate security features designed to prevent image tampering and respond to storage device theft.

​The company plans to launch 14 additional products in the second half of this year to expand its supply to the public-sector market.

​"Hanwha Vision will continue investing in AI CCTV product development and strengthening its security technology capabilities," a company representative said.

South Korea has approved a major restructuring plan involving Lotte Chemical, Hanwha Solutions and DL Chemical, clearing the way for the integration of their petrochemical operations in Yeosu. The move marks the country's second government-approved restructuring of the domestic petrochemical industry, aimed at reducing oversupply and shifting production toward higher-value products.

On July 22, the Ministry of Trade, Industry and Resources approved the business restructuring plan jointly submitted by Lotte Chemical, Hanwha Solutions, DL Chemical and Yeochun NCC. The companies filed the application in March under the Corporate Vitality Improvement Act, which provides government support for corporate restructuring.

The plan calls for Lotte Chemical to spin off its Yeosu petrochemical complex before merging the new entity with Yeochun NCC, the naphtha cracking joint venture between Hanwha Solutions and DL Chemical. The resulting integrated company will be jointly operated by Lotte Chemical, Hanwha Solutions and DL Chemical.

As part of the restructuring, Yeochun NCC's No. 2 plant will be shut down, while No. 1 plant will be integrated with Lotte Chemical's Yeosu facility. The companies expect the move to reduce annual ethylene production capacity by approximately 1.4 million metric tons, helping alleviate oversupply in South Korea's petrochemical industry.

The integrated company also plans to consolidate the partners' competitive downstream businesses and shift its portfolio toward higher-value products, including low-density polyethylene (LDPE) for medical applications and polyolefin elastomers (POE) used in automobiles and power cables.

The approval follows the government's endorsement of the Daesan Industrial Complex restructuring in February, making it the second petrochemical restructuring project approved this year. The government said it will support the restructuring through financial assistance, tax incentives and regulatory approvals.