Hanwha Ocean announced on July 22 that it has signed a contract to build one LNG carrier with an approximate value of 340 billion won (about $300 million) with its affiliate, Hanwha Philly Shipyard. Additionally, the company secured an option for a second vessel under the same contract.
This project involves Hanwha Philly Shipyard, a U.S.-based shipyard, constructing the LNG carrier as a subcontractor, with Hanwha Shipping, another Hanwha group affiliate, initiating the order. The shipping company will oversee the contract, while Hanwha Ocean will handle the shipbuilding work through its subcontractors.
This project marks the first export-type LNG carrier order from a U.S. shipyard since the late 1970s—almost 50 years ago—serving as a key milestone in strengthening the U.S. shipbuilding and shipping industries and supporting energy security policies. It is particularly significant as a strategic response to the U.S. federal government’s upcoming mandate, starting in 2029, to utilize U.S.-built LNG carriers for exports—an important step in promoting American LNG exports and transportation.
With this latest order, Hanwha Ocean has secured a competitive edge and technological leadership in the North American LNG carrier market. As the only shipbuilding company with manufacturing bases in both Korea and the U.S., Hanwha Ocean plans to further expand its capacity to directly build LNG carriers within the U.S. in collaboration with Hanwha Philly Shipyard.
Through this joint construction project, Hanwha Ocean aims to gradually transfer Korea’s advanced shipbuilding technology to Hanwha Philly Shipyard, helping the latter diversify into high-value-added vessel sectors. Under the strategic decision of Hanwha Shipping, this partnership provides Hanwha Ocean with a stable pipeline of projects, while Hanwha Philly Shipyard strengthens its technical capabilities and moves closer to entering the U.S. market—an outcome seen as highly advantageous for all parties involved.
While most of the LNG carrier construction will take place at Hanwha Ocean’s Geoje Shipyard, Hanwha Philly Shipyard will support the certification process required by the U.S. Coast Guard (USCG) to meet statutory and safety standards. The USCG certification, essential for registering vessels in the U.S., is primarily led by Hanwha Philly Shipyard, and both shipyards will collaborate closely during the construction process.
A Hanwha Ocean official stated, “Hanwha Philly Shipyard has built more than half of the large commercial ships under the Jones Act, which is unique in the U.S.,” adding, “This LNG carrier project will upgrade Hanwha Philly Shipyard’s technological capabilities and enable Hanwha Ocean’s global expertise to be successfully integrated into the U.S. shipbuilding industry.”
Last December, Hanwha Group secured a strategic foothold in the U.S. market by acquiring Hanwha Philly Shipyard through Hanwha Ocean and Hanwha Systems for approximately $1 billion. Since then, the group has focused on introducing smart systems, re-educating personnel, and transferring technology to boost the shipyard’s production capacity. This LNG carrier order is expected to significantly contribute to the rebuilding of the U.S. shipbuilding and shipping sectors.
Furthermore, Hanwha Shipping plans to utilize this vessel order as a platform to demonstrate and test eco-friendly ship technologies. The company aims to support the adoption of high-cost, high-risk, and complex environmentally friendly technologies that current shipowners find challenging, thereby leading the market expansion of eco-friendly shipping solutions.
