Hanwha Ocean shares jumped in early trading on the 23rd. The surge came after U.S. President Donald Trump said the U.S. Navy would build a new class of escort frigates in cooperation with Hanwha.

Large cranes and ships under construction are seen at the Hanwha Ocean Geoje shipyard in Geoje, South Gyeongsang Province. /Courtesy of News1

As of 9:44 a.m. on the 23rd, Hanwha Ocean stock was trading at 119,100 won on the main bourse, up 8.57% (9,400 won).

Overnight, President Trump said at a news conference at his Mar-a-Lago estate in Florida, "On the week, the Navy announced plans for a new class of frigates," adding, "They will work with a company from Korea."

Trump introduced the Korean company as "a good company called Hanwha."

He went on to say that "Hanwha has agreed to invest $5 billion (about 7.4 trillion won) in the Philadelphia Naval Shipyard."

Earlier, Hanwha Group invested $100 million (about 140 billion won) late last year to acquire Philly Shipyard in Philadelphia, Pennsylvania.

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