Hanwha Ocean said on Wednesday that it has signed a contract to build one LNG carrier worth 346.6 billion won ($250 million) with its affiliate, Hanwha Philly Shipyard.
The vessel is scheduled for delivery by February 2028.
Last month, Hawnha Ocean announced a contract for what it says is the first US-ordered, export-market-viable LNG carrier in almost 50 years.
This LNG carrier is also valued at $250 million and is scheduled for delivery in January 2028.
Hanwha Ocean stated in its last month’s announcement that its unit, Hanwha Shipping, placed the order, while Hanwha Philly Shipyard will act as a subcontractor.
While most of the LNG carrier construction will take place at Hanwha Ocean’s Geoje yard, Hanwha Philly Shipyard will support the certification process required by the US Coast Guard (USCG) to meet statutory and safety standards.
Hanwha Shipping exercised an option to order a second LNG carrier, providing a “key element” in the US expansion of LNG exports, the firm said in a statement on Wendesday.
The two LNG carriers will be used to export US-sourced LNG to US trading partners and allies, thus creating “high-value work for American shipbuilders and proving that U.S. shipyards can once again compete in global export markets.”
They will be built via a joint construction model between Hanwha Ocean and Hanwha Philly Shipyard as part of the US-Korea partnership, the firm said.
In addition to the new carrier, Hanwha Shipping ordered 10 medium-range (MR) oil and chemical tankers from its affiliate, Hanwha Philly Shipyard, with the first tanker expected to be delivered by early 2029.
“Not only is this the largest US commercial vessel order in more than 20 years, but it is also the highest-value commercial order seen at US shipyards,” Hanwha Ocean said.
Hanwha Shipping
Last December, Hanwha Group secured a strategic foothold in the US market by acquiring Hanwha Philly Shipyard through Hanwha Ocean and Hanwha Systems.
Earlier this year, Hanwha Ocean announced that it will build two LNG carriers for its shipping unit Hanwha Shipping.
This order is valued at approximately $506 million, or $253 million per vessel.
Hanwha Ocean will deliver the LNG carriers by September 2027.
Hanwha Ocean announced in April 2024 that it has established Hanwha Shipping with the participation of its US unit USA Holdings.
It is worth mentioning here that Hanwha and its units also have a stake in US LNG firm NextDecade.
NexDecade is building the Rio Grande LNG export terminal in Texas.
According to Hanwha Ocean’s quarterly presentation in July, Hanwha Group has a 22.7 percent stake (HIP 9.1 percent, Aerospace 6.8 percent, Ocean 6.8 percent) in NextDecade and is the largest shareholder.
