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Shares of Hanwha Ocean surged as much as 16.06% on Thursday to their highest levels since July 2015, following U.S. President Donald Trump’s announcement of a blanket 15% tariff on Seoul’s exports to the U.S.
According to Reuters, Kim Dong-kwan, the vice chairman of the Hanwha Group, was part of a delegation of business leaders in Washington lobbying for a trade deal, which included Hyundai Motor Group Chairman Euisun Chung and Samsung Electronics Chairman Jay Y. Lee.
Hanwha Group is expected to expand or upgrade facilities at its Philly Shipyard in Philadelphia, which it acquired last year, Yonhap News Agency reported, while playing a key role in revitalizing U.S. shipbuilding efforts.
Thursday marked the South Korean shipbuilder’s second consecutive session in the green. Its gains follow a surge in its operating profits in the second quarter ended June, as well as a slew of announcements.
