On October 1, Hanwha Ocean announced that it had signed a contract with a North American shipowner to build a liquefied natural gas (LNG) carrier. The order is valued at approximately US$252 million and is expected to be delivered in the second quarter of 2028.
Sources stated that the order was again from Hanwha Shipping, a shipping subsidiary of the affiliated Hanwha Group.
Including the latest order, Hanwha Ocean has already taken delivery of four LNG carriers this year, with the remaining three coming from Hanwha Shipping (two) and Gaslog (one).
Hanwha Group is currently advancing its comprehensive expansion into the U.S. shipbuilding market. In December last year, the group invested $100 million to acquire Philly Shipyard and renamed it Hanwha Philly Shipyard. Since July this year, Hanwha Shipping has placed orders for two LNG carriers with Hanwha Philly Shipyard. This move is regarded as a milestone in Korea-U.S. shipbuilding cooperation, with plans to expand collaboration into the mid-sized tanker sector.
Earlier, Hanwha Group announced a $5 billion infrastructure investment plan for Hanwha Philly Shipyard. Under the plan, the shipyard will construct two new dry docks and three new wharves to increase production capacity, while also evaluating the feasibility of building a new hull assembly facility. Through this expansion, Hanwha Group aims to boost the shipyard’s annual production capacity from less than two vessels to 20 vessels.
While expanding its LNG carrier and merchant ship businesses, Hanwha Ocean is making substantial strides in the naval vessel sector. Recently, the company signed a business agreement with POSCO, South Korea’s largest steel manufacturer, to jointly develop next-generation ultra-high-strength steel.
Hanwha Ocean officials stated: “This agreement marks the formal preparatory phase for entering the global cutting-edge naval vessel market. The company will establish its position as a leading integrated naval solutions provider.”