As tensions between the US and China spill beyond chips and tariffs, shipyards are now caught in the crossfire. Hanwha Ocean, one of South Korea’s biggest maritime players, has found itself at the center of fresh sanctions targeting its US-linked subsidiaries, sending its shares tumbling and investors scrambling to gauge the impact.

Dan Koh and Ryan Huang find out what this means for the company’s margins and defense ambitions, how Seoul is navigating the diplomatic fallout, and whether Hanwha’s expansion into American shipbuilding can weather a storm that’s no longer just political.