Hanwha Ocean Holds Naming Ceremony for U.S.-Bound LNG Carriers: "K-Shipbuilding Advances Further with MASGA Project"

Delivery of the First Two of Five LNG Carriers Ordered in 2022
To Be Used for Global Exports of U.S.-Produced LNG
Minister Kim Jungkwan: "Korea-U.S. Shipbuilding Cooperation Brings New Opportunities for Korean Shipyards"

Two ultra-large liquefied natural gas (LNG) carriers built by Hanwha Ocean will be named and delivered to an American shipping company on August 14.

The Ministry of Trade, Industry and Energy announced that Minister Kim Jeonggwan attended the naming ceremony for the two LNG carriers at the Hanwha Ocean Geoje Plant in South Gyeongsang Province on this day, marking his first field visit since taking office. A naming ceremony is an event where a completed vessel is launched, given a name, and its safe operation is wished for. After the ceremony, the vessels are delivered to their owners.

The two vessels delivered this time are the first and second of a total of five LNG carriers (worth $1.2 billion) ordered by an American LNG producer from Hanwha Ocean in 2022. These ultra-large LNG carriers (200,000㎥ per vessel) will be used for the global export of U.S.-produced LNG and are capable of transporting an amount equivalent to the daily LNG consumption of the entire Korean population in a single trip.

A Ministry official stated, "This is a symbolic case of Korea cooperating in the construction of vessels needed to transport American energy, and it is highly significant in the context of the Korea-U.S. shipbuilding cooperation MASGA project." The official added, "Through this naming ceremony, it has been reaffirmed that Korea maintains the world's highest competitiveness in the high value-added LNG carrier market."

Currently, more than 70% of the 760 LNG carriers operating worldwide were built in Korea. In particular, Korea secured 100% of global LNG carrier orders in the first half of this year, maintaining its position as the world leader in the LNG carrier market.

During his congratulatory remarks at the ceremony, Minister Kim stated, "MASGA is a win-win project that supports the revitalization of the U.S. shipbuilding industry by promoting investment in American shipyards, nurturing skilled workers, and rebuilding supply chains, while also creating new market opportunities for Korean companies." He emphasized, "The government will quickly establish a consultative body with relevant agencies and maintain frequent discussions with the U.S. side to achieve tangible results."

Following the ceremony, Minister Kim visited the site of the third U.S. naval vessel maintenance, repair, and overhaul (MRO) project underway at the Hanwha Ocean Geoje Shipyard, where he met and encouraged Hanwha Ocean employees and the crew of the Charles Drew. Minister Kim said, "U.S. naval vessel MRO marks the starting point of Korea-U.S. shipbuilding cooperation. Just as with the previous two MRO projects, I hope the Charles Drew will also be reborn as a new ship thanks to the technological prowess of K-Shipbuilding."

Minister Kim then met with Kim Youcheol, head of the Daewoo Shipbuilding branch of the Hanwha Ocean labor union, and expressed his gratitude to the on-site workers who have contributed to the resurgence of K-Shipbuilding. This is the first time the Minister of Trade, Industry and Energy has met with a shipyard union leader.

Minister Kim said, "Korea-U.S. shipbuilding cooperation through the MASGA project does not mean jobs are being transferred to the U.S., but rather that new opportunities are being created for our shipyards in the U.S. market." He added, "I ask for your continued cooperation throughout the process of Korea-U.S. shipbuilding collaboration going forward."