Hanwha Shipping, the American subsidiary of South Korea’s shipbuilding giant Hanwha Ocean, has signed a contract worth $252 million for the construction of a liquefied natural gas (LNG) carrier. The vessel will be built by Hanwha Ocean in Geoje, South Korea, with regulatory oversight and certification provided by Philly Shipyard, the U.S. shipyard recently acquired by Hanwha.
The vessel will sail under the U.S. flag and marks the first American-flagged LNG carrier order in nearly 50 years. Delivery is expected in the first half of 2028.
📌 Key Highlights:
• The vessel will be constructed at Hanwha Ocean’s Geoje shipyard.
• Workers from Philly Shipyard will undergo training in South Korea.
• Philly Shipyard will supervise safety and regulatory certification to ensure U.S. compliance.
• The agreement includes an option for a second vessel.
Ryan Lynch, CEO of Houston-based Hanwha Shipping, commented:
“This deal strengthens Hanwha’s global leadership in LNG shipbuilding — and now we’re bringing that expertise to the United States.”
Jefferies shipping analyst Omar Nokta called the agreement a major step toward revitalizing U.S. shipbuilding capacity, noting that the U.S. is currently the world’s largest LNG exporter with a market share of nearly 25%.
⚠️ Earlier this year, the U.S. Trade Representative announced a mandate that starting in April 2029, 1% of U.S. LNG exports must be carried aboard U.S.-built vessels. That requirement will rise to 15% by April 2047.
Hanwha Ocean confirmed the contract is valued at 348 billion KRW ($252.03 million) and includes an option for a second LNG carrier.
