Hanwha Philly Shipyard secured a USD 250 mn order to develop an LNG carrier for Hanwha Shipping — the first LNG ship ordered by an American firm in almost 50 years, CEO Ryan Lynch tells Bloomberg. The vessel will boast a 174k cbm capacity and most of the construction is slated to take place in Hanwha Ocean’s Geoje shipyard in South Korea. The contract could also see the addition of another vessel once the agreement is concluded.

Why this matters now: The Trump administration announced that exceptions can be made to avoid the imposed levies on China-built vessels and China-flagged vessels, if proof of a US shipbuilding order is provided. The levies will be imposed on 14 October, starting at USD 50 per ton for Chinese-owned and operated ships and increasing by USD 30 per year over the next three years — capped at USD 140 by 2028.

Major shippers such as Maersk and Hapag-Lloyd have been trying to diversify from China when it comes to ordering vessels and routes, despite cost surges. Chinese shipbuilding has already declined by 68% y-o-y to 26 mn dwt in 1H 2025, while its rival South Korea's share of global new orders climbed from 14% to 30%.

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