Shipbuilder Hanwha Ocean has signed a KRW348m ($250m) contract for an LNG carrier at its Hanwha Philly Shipyard in Pennsylvania – marking the first US export-oriented order in 50 years.
The contract is a boost for the US government which is eager to resurrect its domestic shipbuilding industry. It also marks the first major contract for the shipyard, based in Philadelphia, since Hanwha completed its 100% acquisition from a Norwegian company majority owned by the investment company Aker in December 2024.
While South Korea, Japan and China continue to dominate the LNG carrier market, the order may indicate that US policy moves are starting to make waves.
Upcoming US regulations require goods shipped between two US ports to be transported on vessels that are US built from 2029 – as well as fees being slapped on Chinese-built ships when they enter US ports.
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