Philly Shipyard, a U.S. shipbuilder owned by Hanwha Ocean, has received its first-ever order for a liquefied natural gas (LNG) carrier from Hanwha Shipping, a shipping affiliate of Hanwha Group.

Hanwha Ocean announced Tuesday that it signed a contract with Philly Shipyard — officially named Hanwha Philly Shipyard — to build one LNG carrier worth 348 billion won ($251 million), along with an option for a second vessel.

Under the agreement, Hanwha Shipping is placing the order with Philly Shipyard, which will then subcontract the vessel construction to its parent company, Hanwha Ocean.

A significant portion of the construction will be carried out at Hanwha Ocean’s shipyard in Geoje, South Gyeongsang, as Philly Shipyard does not yet have the work force or supply chain infrastructure to build LNG carriers.

Instead, Philly Shipyard will handle the local certification process required for the vessel to be registered under the U.S. flag. Hanwha Ocean said that even if the vessel is built in Korea, it can be registered as a U.S. merchant ship if the launching and completion take place in the United States.

“A joint construction project like this will allow Hanwha Ocean’s technical expertise to be transferred to Philly Shipyard,” a Hanwha Ocean representative said.



Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM HYO-SEONG [lim.jeongwon@joongang.co.kr]