Philly Shipyard gets 1st LNG order from Hanwha Shipping
Philly Shipyard Secures First LNG Carrier Order
Philly Shipyard, a U.S. shipbuilder owned by Hanwha Ocean, has made a significant leap by securing its inaugural order for a liquefied natural gas (LNG) carrier. The contract, valued at 348 billion won (approximately $251 million), was signed with Hanwha Shipping, a subsidiary of the Hanwha Group, and includes an option for an additional vessel. This landmark deal marks a pivotal moment for the shipyard as it expands its capabilities in the LNG sector.
Details of the Contract and Construction Plans
On July 22, 2025, Hanwha Ocean announced the contract with Philly Shipyard, which will oversee the construction of the LNG carrier. However, due to current limitations in workforce and supply chain infrastructure, the majority of the construction will take place at Hanwha Ocean’s facility in Geoje, South Gyeongsang. This strategic decision allows Philly Shipyard to leverage Hanwha Ocean’s established expertise in building LNG carriers.
Philly Shipyard will be responsible for managing the local certification process necessary for the vessel’s registration under the U.S. flag. Hanwha Ocean clarified that even though the ship will be constructed in Korea, it can still be registered as a U.S. merchant vessel, provided that its launching and completion occur within the United States. This arrangement not only facilitates compliance with U.S. maritime regulations but also enhances the operational capabilities of Philly Shipyard.
A representative from Hanwha Ocean expressed optimism about the collaboration, stating, “A joint construction project like this will allow Hanwha Ocean’s technical expertise to be transferred to Philly Shipyard.” This partnership is expected to foster knowledge sharing and skill development, positioning Philly Shipyard for future growth in the LNG market.
