Hanwha Ocean bags US$252M LNG carrier contract from affiliated company 

On 5 September, the company announced a contract worth approximately US$252M for the vessel, which is scheduled for delivery by Q1 2028. The buyer was identified as a North American shipping company affiliated with the group.

Hanwha has been actively expanding its LNG carrier portfolio in recent months. Since July, its subsidiary Hanwha Shipping has ordered two LNG carriers from US-based Hanwha Philly Shipyard. The deal marked a milestone in US-South Korea shipbuilding co-operation, which has also recently extended into the MR tanker segment. These developments followed Hanwha’s US$100M acquisition of Philly Shipyard in December 2024.

Looking ahead, Hanwha plans to transfer LNG carrier construction technology from South Korea to the US through a collaboration between Hanwha Ocean and Hanwha Philly Shipyard.

“While LNG carriers are capital-intensive and highly specialised, scaling production in this way is expected to reduce costs over time. For a nation that exports vast volumes of energy, developing the ability to build and deploy LNG carriers domestically supports both economic security and defence readiness,” the company said.

Funding the MASGA Initiative

In a related move, Hanwha Impact Partners, a US-based investment affiliate of Hanwha Group, disclosed tit has sold its remaining 4.27% stake in Hanwha Ocean, raising about US$1Bn.

According to Hanwha, the proceeds will support projects including the Make American Shipbuilding Great Again (MASGA) initiative – a joint South Korea–US shipbuilding programme – along with new investments and debt repayment.

This development comes after Hanwha Group announced a US$5Bn infrastructure investment plan for Hanwha Philly Shipyard, as part of South Korea’s broader US$150Bn investment fund dedicated to strengthening US shipbuilding capacity.