Hanwha Ocean rose sharply in early trading on expectations of expanded cooperation with the United States.
As of 9:26 a.m. on Aug. 14, Hanwha Ocean was trading at 96,200 won, up 6.06% from the previous session.
According to Reuters, U.S. President Donald Trump said on Aug. 13 that foreign shipbuilders investing in the United States would be allowed to build up to two initial U.S. military vessels at shipyards in their home countries.
The policy requires companies to build or acquire U.S. shipyards, hire and train American workers, transfer technology and establish U.S. supply chains.
The United States has traditionally prohibited the construction of its warships overseas, and the move is being interpreted as an exceptional, temporary relaxation of those restrictions.
Hanwha, which acquired Philly Shipyard in the United States, is expected to benefit if it meets the requirements, driving the stock higher in early trading.
