On August 14th, the Minister of Trade, Industry and Energy, Kim Jung-kwan, attended the naming ceremony for two ultra-large liquefied natural gas (LNG) carriers at Hanwha Ocean’s Geoje Shipyard in Gyeongnam as his first industrial site visit since taking office, according to the Ministry of Trade, Industry and Energy.
These two vessels are the first and second in a series of five LNG carriers ordered by a U.S. LNG production company from Hanwha Ocean in 2022, meant for global export of U.S. LNG. These carriers are capable of transporting a daily amount of LNG equivalent to what the Korean population consumes, highlighting their ultra-large capacity.
This is a symbolic case where a U.S. shipowner collaborated with Korea to construct vessels needed for transporting national energy, significant under the Korea-U.S. Maritime Alliance for Shipbuilding and Global Advancement (MASGA).
Currently, over 70% of the 760 LNG vessels operating worldwide were built in Korea, with Korea securing 100% of the global LNG carrier orders in the first half of this year, maintaining its competitive edge as the world leader in the LNG carrier market.
In his congratulatory speech, Minister Kim stated, “MASGA supports the reconstruction of the U.S. shipbuilding industry through package deals involving investment in U.S. shipyards, skilled workforce development, and supply chain rebuilding, while simultaneously creating new market opportunities for our companies as a win-win project.” He added that the government would expedite forming consultative bodies with related organizations and engage in ongoing discussions with U.S. counterparts to achieve concrete results.
After the naming ceremony, Minister Kim visited the third U.S. ship Maintenance, Repair, and Overhaul (MRO) site at Hanwha Ocean’s Geoje Shipyard and encouraged Hanwha Ocean employees and crew members of the Charles Drew.
Minister Kim remarked, “The MRO for U.S. ships marks the starting point for Korea-U.S. shipbuilding cooperation, and I hope the Charles Drew will be reborn as a new vessel with the technology of K-shipbuilding, as with the previous two MRO projects.”
Additionally, Minister Kim met with Kim Yoo-cheol, the head of the Daewoo Shipbuilding branch of the Hanwha Ocean labor union, and expressed gratitude for the dedication of onsite workers who contributed to the resurgence of K-shipbuilding. This meeting marked the first time an Industry Minister has engaged with a shipyard union leader.
Minister Kim emphasized, “In terms of workplace safety, labor and management can’t be separated. Let us, along with the government, work as one team to thoroughly prevent industrial accidents,” urging support for the safe operation of shipyards.
Furthermore, he stated, “The Korea-U.S. shipbuilding cooperation project through MASGA does not imply an outflow of work to the U.S.; it means new opportunities for our shipyards in the U.S., and I ask for your cooperation in the Korea-U.S. shipbuilding cooperation process in the future.”