Hanwha wins Australian government approval to increase its stake in Austal
The first three Mogami-class ships will be built by MHI in Japan. (Image: MHI/Australian Department of Defence)
The contract would mean the two shipbuilders can collaborate strategically and enhance shipbuilding capabilities in Western Australia.
The Australian government has approved Korean company Hanwha’s long-standing application to increase its stake in Western Australian shipbuilder Austal to 19.9%.
“Today I have agreed to the clear recommendation from the Foreign Investment Review Board to not object to Hanwha’s proposal to increase its shareholding in Austal Limited from 9.9% to 19.9%, subject to strict conditions,” said Australian Treasurer Jim Chalmers.
This decision is likely to raise eyebrows at Japanese company Mitsubishi Heavy Industries (MHI). Austal has been nominated by the Australian Department of Defence (DoD) as the builder of up to eight Japanese upgraded Mogami-class frigates under Project SEA 3000
Our news & analysis is now part of Defence Insight®
A Basic-level or higher Defence Insight subscription is now required to view this content.
More from Naval Warfare
-
![Lockheed Martin confirms 2029 target date for US Navy’s Aegis/PAC-3 MSE integration]()
Lockheed Martin confirms 2029 target date for US Navy’s Aegis/PAC-3 MSE integration
Enabling Aegis-equipped vessels to launch PAC-3 MSE interceptors will give the USN more options to engage highly manoeuvrable hypersonic missiles – including the ones China has been developing.
-
![Italy’s U212 Near Future Submarine production builds pace as upgrade plans mature]()
Italy’s U212 Near Future Submarine production builds pace as upgrade plans mature
Andrea Simone Pinna, OCCAR-EA combat system officer for the U212 NFS programme, outlined production progress, new capabilities and plans for the Italian Navy’s next-generation conventional submarine.
-
![Australia’s revised defence investment plan: what it means for naval warfare]()
Australia’s revised defence investment plan: what it means for naval warfare
The 2026 Integrated Investment Program allocates up to A$130 billion for undersea warfare, committing the Royal Australian Navy to nuclear-powered submarines, autonomous platforms and an expanded surface combatant fleet over the next decade.
