Hanwha Ocean is expanding U.S.-South Korean shipbuilding cooperation by establishing a comprehensive partnership with major U.S. allies. This collaboration covers joint vessel design, workforce development, and supply chain integration.
On Thursday, Hanwha Ocean announced significant agreements at the Korea-U.S. Shipbuilding Cooperation Center Opening Ceremony in Washington, D.C. These include a contract for designing and developing a global strategic transport vessel and two memoranda of understanding (MOUs) focused on workforce training and supply chain enhancement in the shipbuilding sector.
Hanwha Ocean signed a specialized service contract with Raytheon Gibbs & Cox, a leading U.S. naval architecture firm, for the joint design of the global strategic transport vessel. This agreement builds upon their April MOU, which aimed to bolster shipbuilding capabilities for the U.S. Navy and its allies.
The contract initiates the collaborative design process for the global strategic transport vessel. Both companies will pursue joint technology development and implement a quality assurance system throughout the design phase.
This partnership leverages Hanwha Ocean’s shipbuilding expertise and Raytheon Gibbs & Cox’s extensive experience in naval design and engineering. The latter has designed over 70% of U.S. Navy surface ships since World War II. Together, they aim to introduce a cutting-edge, reliable platform to the U.S. and global markets.
The global strategic transport vessel is a dual-use platform, serving commercial logistics needs during peacetime and rapidly deploying military supplies in crisis situations. This innovative design addresses both national security concerns and economic efficiency, targeting diverse requirements in the global naval market, including those of the U.S.
In a move to address the skilled labor shortage in U.S. shipbuilding, Hanwha Ocean signed an MOU with Hanwha Phil Lizzo Shipyard and Delaware County Community College. This agreement focuses on developing shipbuilding technology education programs, including instructor training initiatives.
Delaware County Community College, a two-year institution in eastern Pennsylvania, will provide job theory education as part of the apprenticeship program run by Hanwha Phil Lizzo Shipyard.
Hanwha Ocean also inked an MOU with Hanwha Phil Lizzo Shipyard, the Philadelphia Chamber of Commerce, and the Philadelphia Growth Partnership. This agreement aims to strengthen the local shipbuilding supply chain and foster a robust regional shipbuilding ecosystem.
Jeong In-seop, head of Hanwha Ocean’s management support office, stated that Hanwha Ocean stands ready to play a pivotal role in revitalizing the U.S. shipbuilding industry while advancing South Korea’s maritime capabilities. By focusing on local production and addressing critical U.S. needs, it aims to be a driving force behind the Make American Shipbuilding Great Again (MASGA) project.
Financial analysts at FnGuide project Hanwha Ocean’s Q2 operating profit to reach 521.7 billion KRW (about 356 million USD), marking a 40.3% year-over-year increase.