Hanwha Philly Shipyard, a U.S.-based yard recently acquired by South Korea’s Hanwha Ocean Co., has secured a ₩348 billion (US $251.2 million) contract to construct a liquefied natural gas carrier, according to Hanwha Ocean.
Placed by Hanwha Shipping Co., the order represents the first overseas LNG carrier contract for the Philadelphia-based shipyard in nearly 50 years and is expected to enhance shipbuilding cooperation between South Korea and the United States.
“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 agreement, Hanwha Ocean will gradually transfer advanced shipbuilding expertise to Hanwha Philly Shipyard, which aims to expand its construction of high value-added vessels.
The two companies intend to establish a collaborative framework enabling LNG carrier production in the U.S. and position Hanwha for full-scale entry into the North American LNG shipping market.
The bulk of the vessel’s construction will occur at Hanwha Ocean’s Geoje shipyard in South Korea, while Hanwha Philly Shipyard will manage U.S. Coast Guard certification and compliance for U.S. 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.
Since his reelection, U.S. President Donald Trump has emphasised reviving the American shipbuilding industry and enhancing partnerships with allies, including South Korea.
Hanwha Philly Shipyard, Inc. is a U.S. commercial shipyard operating in Philadelphia, Pennsylvania, acquired by Hanwha Ocean and Hanwha Systems in December 2024. It specialises in Jones Act commercial vessels and now serves as the U.S. facility for LNG‑carrier construction and certification.
Hanwha Ocean Co., Ltd. is a South Korean shipbuilder, founded in 1973 and a subsidiary of Hanwha Group. It produces LNG carriers, naval vessels (frigates, submarines), drillships, and is developing green maritime platforms.
Hanwha Shipping Co. is a U.S. shipping unit of Hanwha Ocean. It placed the LNG carrier order. It was established in April 2024 in partnership with Hanwha’s U.S. unit and participates in LNG export initiatives.