Hanwha Philly Shipyard, a U.S.-based shipyard recently acquired by South Korea’s Hanwha Ocean Co., has secured a 348 billion-won (US$251.2 million) contract for a liquefied natural gas (LNG) carrier under its new ownership, according to the parent company Tuesday.
The deal placed by Hanwha Shipping Co. marks the first overseas LNG carrier deal for the Philadelphia-based shipyard in nearly 50 years, and is expected to lay the foundation for enhanced shipbuilding cooperation between South Korea and the United States, Hanwha Ocean said.
“This project aligns with the U.S. government’s strategy to revitalize its shipbuilding and shipping industries while strengthening energy security,” Hanwha Ocean said.
Under the contract, Hanwha Ocean will gradually transfer its advanced shipbuilding expertise to Hanwha Philly Shipyard, which plans to expand high value-added vessel construction.
The two companies aim to establish a collaborative framework that enables LNG carrier production in the United States and paves the way for Hanwha’s full-scale entry into the North American LNG shipping market.
Most of the vessel construction for the order will take place at Hanwha Ocean’s Geoje shipyard in South Korea. Hanwha Philly Shipyard will mainly handle certification and compliance work required by the U.S. Coast Guard, including meeting U.S. maritime safety regulations for flag registration.
“This order allows Hanwha Philly Shipyard to elevate its technological capabilities by entering the highly specialized LNG carrier sector, while Hanwha Ocean gains a strategic foothold to apply its shipbuilding technology within the U.S. market,” a Hanwha Ocean official added.
The deal comes amid ongoing discussions between South Korea and the U.S. in the area of shipbuilding cooperation.
Since his reelection, U.S. President Donald Trump has stressed the need for the revival of the American shipbuilding industry and the importance of partnering with allies, including South Korea, a global leader in naval vessel construction.
Source: Yonhap