Hanwha Shipping, a US subsidiary of Hanwha Ocean, has ordered a liquefied natural gas (LNG) carrier from its affiliate shipyard in the US, Hanwha Philly.
The vessel will be the first US-ordered, export-market-viable LNG carrier in almost 50 years, dating back to the late 1970s. The contract is for one LNG carrier with an option for a second vessel. Hanwha says it is bringing its LNG shipbuilding and operational expertise from Korea to the US through capability and technology transfers that support the growth of the US maritime industrial base. This initiative aims to meet the growing demand for US LNG carriers that are crewed by US mariners and comply with rigorous US Coast Guard standards. These vessels are considered to represent a resurgence in US shipbuilding capabilities, buoyed by recent US trade policies that require a growing percentage of LNG exports to be transported on US vessels.
Ryan Lynch, President and CEO, Hanwha Shipping, said: “We’re excited to leverage Hanwha’s world-class shipbuilding prowess to equip American industrial partners with the skills to construct next-generation LNG carriers for the first time in nearly five decades. Hanwha Ocean — Philly Shipyard’s Korean shipbuilding affiliate — became the world’s first shipbuilder to produce and deliver its 200th LNG carrier earlier this year. This amazing milestone reinforces Hanwha’s global leadership position in LNG carrier construction, which we are eager to replicate in the US.”
Under the structure of the project, Hanwha Philly Shipyard, as the US-based shipyard, has signed the primary shipbuilding contract with Hanwha Shipping — a Hanwha Ocean affiliate and the project’s owner — and then executes the contract as part of a joint-build model with Hanwha Ocean. As what is believed to be the only company with shipbuilding operations in both Korea and the US, Hanwha plans to enhance its capability to build LNG carriers in the US through a cooperative model with Hanwha Philly Shipyard.
While a significant portion of the construction will be carried out at Hanwha Ocean’s Geoje shipyard in Korea, the project will be executed as a joint-build model. Hanwha Philly Shipyard will be responsible for US regulatory compliance and safety certifications, laying the foundation for a collaborative production framework. Through this model, Hanwha plans to gradually transfer its advanced shipbuilding technologies to Hanwha Philly Shipyard, enabling the latter to expand into high-value shipbuilding.
Hanwha Shipping plans to utilize the ordered vessels as a strategic platform to support US energy security and global energy reliability. In addition to fulfilling internal group transport requirements, the vessels will play a key role in establishing the US-flagged LNG fleet.
Image: Hanwha-built LNG carrier with advanced propulsion (source: Hanwha Ocean)
