South Korea speeds up delivery of new hovercraft to boost local industry

Moreover, the order will stimulate the flagging shipbuilding industry in the southern port city of Busan, home to Hanjin Heavy, he said.

In 2007, Hanjin Heavy delivered two landing ships to the Navy in a 104 billion-won deal, according to DAPA.

South Korea's military has stepped-up efforts in recent years to enhance its defense capabilities to counter the North's evolving nuclear and missile threats.

Local shipyards have been reeling from a sharp decline in new orders and an oversupply in global markets after being hit hard by the 2008 financial crisis. Some of them have cut jobs and sold noncore assets to stay afloat with many engaged in self-rescue programs.

The high-speed landing ship produced by Hanjin Heavy Industries & Construction under the LSF II programme is a 155-tonne vessel (27.9m in length, 14.6m in width). It is capable of traveling up to 40 knots (74km/h) carrying 150 troops or 1 tank & 24 soldiers. Furthermore, this military vessel can travel as far as 185km without additional fueling.

(Source: Yonhap)