Hanwha Moves to Build LNG Carriers in U.S., Bloomberg reports

April 21, 2025

Hanwha Ocean is reportedly moving to build a series of LNG tankers in the U.S. Hanwha recently took over a shipyard in Philadelphia, known now as Hanwha Philly Shipyard. Pictured is a recent ceremony a the shipyard that marked the keel laying of the fifth and final vessel in the National Security Multi-Mission Vessel (NSMV) program. Image courtesy TOTE Services

As tariffs and trade wars continue to unsettle markets globally, some astute companies are moving to fill the void. One is South Korean shipbuilder Hanwha Ocean, which according to a report by Bloomberg is moving to build the LNG tankers in the United States, responding to new policy recommendations from the U.S. Trade Representative (USTR) aimed at curbing China’s dominance in global shipbuilding.

The USTR proposal, unveiled Thursday, includes tariffs on Chinese-built vessels calling at U.S. ports following a six-month transition period. It also calls for LNG carriers that export U.S. natural gas to be both U.S.-built and U.S.-flagged.

Hanwha Ocean acquired Philly Shipyard in June 2024, is positioning itself to meet the new demand. The company estimates that five to seven U.S.-built, U.S.-flagged LNG carriers could be needed before the end of the decade.

While the challenges to build LNG carriers in the U.S., at a price point that would make them marketable globally, are significant, Hanwha Philly Shipyard, with its international experience and U.S. roots, could be well positioned to succeed.

(Source: Bloomberg + Staff Report)