Fraser Shipyards Partners with HD Korea Shipbuilding Under US Maritime Plan

Fraser Industries LLC, operator of Fraser Shipyards in Superior, Wisconsin — one of the last major independent shipyards on the US Great Lakes — has signed a Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company of HD Hyundai's shipbuilding division, to cooperate on shipyard modernisation and revitalise the US shipbuilding industry.

The MoU designates Fraser Shipyards as a "demonstration model" for rebuilding the US shipbuilding industry. Under the agreement, the two companies plan to cooperate across the full shipyard lifecycle — from shipyard design and construction through to operations — with HD KSOE providing expertise in yard layout design, introduction of robots and automation equipment, AI- and data-based digital solutions, supply-chain expansion, and technical-workforce development. A shipyard modernisation consulting programme is expected to be launched later in 2026.

Fraser Shipyards, founded in 1890 and operating on a 100-acre site on the shores of Lake Superior, has doubled its output of vessels delivered from 2023 to 2026 and is working to double it again in 2027 and 2028. The yard currently uses approximately 15 acres of its 100-acre site. Fraser Industries CEO Patrick Kelly stated the company has been working toward investing up to USD 100 million in shipyard expansion prior to the HD Hyundai collaboration, and that the two companies are now mapping out facilities to build vessels using new technologies. Fraser and its subsidiaries have built 31 US Navy patrol boats, half of which have been deployed to Bahrain in the Middle East.

The Korea-US Shipbuilding Partnership Center, part of a deal reached in November 2025 that reduced US tariffs on South Korean imports including automobiles to 15%, will oversee the rollout of South Korea's USD 150 billion investment in the US shipbuilding industry. The announcement follows President Trump's February 2026 release of America's Maritime Action Plan, which calls for rebuilding domestic shipbuilding capacity.