SEOUL, July 23 (AJP) - Hanwha Ocean has signed a 348 billion won (approximately $250 million) contract with its American affiliate, Hanwha Philly Shipyard, to build a liquefied natural gas (LNG) carrier.
The agreement includes an option for a second vessel and highlights Hanwha Group’s broader strategy to position itself at the forefront of U.S. regulatory changes requiring domestically built LNG carriers for American gas exports starting in 2029.
The move comes amid a resurgence of interest in strengthening domestic shipbuilding capabilities in the United States, particularly in sectors deemed critical to energy and national security.
Under the terms of the deal, Hanwha Philly Shipyard, located in Pennsylvania, will serve as the primary contractor for the project, which is commissioned by another group company, Hanwha Shipping. The actual construction, however, will be subcontracted to Hanwha Ocean’s advanced shipbuilding facilities in Geoje.
The vessel will be built to comply with U.S. Coast Guard regulations and other American maritime safety standards, with Hanwha Philly Shipyard overseeing the certification process.
“If the vessel is to be registered as a U.S. ship, it must meet USCG standards and obtain relevant certifications,” the company said in a statement. “Hanwha Philly Shipyard, with its extensive experience building ships in the U.S., will lead these processes.”
Hanwha Ocean sees the contract as an opportunity to transfer its LNG carrier expertise — typically reserved for high-end, technologically advanced vessels — to its U.S. affiliate.
“Hanwha Philly Shipyard is a core facility that has built over half of all large commercial vessels subject to the Jones Act in the U.S.,” a Hanwha Ocean official said.
“This project will elevate Hanwha Philly Shipyard’s technical capacity by expanding into the complex LNG carrier segment, while also integrating Hanwha Ocean’s global shipbuilding expertise into the U.S. maritime industry.”
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