HD Hyundai Heavy Industries said it has signed a letter of intent with Peru’s state shipyard SIMA to co-develop and build next-generation submarines for the Peruvian Navy, according to Yonhap on November 3, 2025. The LOI was signed on November 1 in Ulsan, with both sides aiming for a definitive agreement within this year and construction planned at HD Hyundai’s Ulsan yard, a move the partners describe as the first submarine co-development project for a Latin American navy. Read more.
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