Hanwha Ocean Signs 348 Billion KRW LNG Carrier Contract with Hanwha Philly Shipyard in U.S.

Contributing to the Revival of the U.S. Shipbuilding Industry

The 200th LNG carrier constructed by Hanwha Ocean, the world's first, in February. Provided by Hanwha Ocean

Hanwha Ocean has secured an order for a liquefied natural gas (LNG) carrier through collaboration between Korean and American shipyards. Hanwha plans to contribute to the revitalization of the U.S. shipbuilding industry through organic cooperation among its group companies.

On July 22, Hanwha Ocean announced that it had signed a contract with Hanwha Philly Shipyard to build one LNG carrier worth 348 billion KRW. The contract also includes an option for an additional vessel under the same conditions. This contract was placed by Hanwha Shipping, with Hanwha Philly Shipyard, a U.S.-based shipyard, acting as the official contractor, while Hanwha Ocean will be responsible for the actual construction as a subcontractor. This marks the first export-oriented LNG carrier order placed through a U.S. shipyard in about 50 years since the 1970s. The project is seen as a proactive response to the U.S. federal government's policy, which will require the use of U.S.-flagged vessels for the transportation of American LNG starting in 2029.

A Hanwha Ocean representative stated, "This project will serve as an opportunity to elevate Hanwha Philly Shipyard's technological capabilities by entering the highly advanced LNG carrier sector, and to integrate our company's technology into the U.S. shipbuilding industry."

Hanwha Ocean has achieved the best management performance among large-scale mergers and acquisitions (M&A) exceeding 500 billion KRW in the past 10 years. According to corporate analysis firm Leaders Index, Hanwha Ocean has seen growth of over 100% in all major indicators?including sales, market capitalization, and equity capital?among the 20 companies it has acquired since 2015.