Hanwha Group\u2019s big plans for Philly include LNG carriers
\n \t
\n
<\/BR>
\n
\n \t
\n
<\/BR><\/p>\n
Korea\u2019s Hanwha Group has big plans to increase production at the Hanwha Philly Shipyard that include building LNG carriers. Korea Economic Daily<\/em> reports that Hanwha Group recently invited a group of Korean financial analysts to the Philadelphia shipyard<\/a> and told them it plans increase the shipyard\u2019s revenue by tenfold to $4 billion per year within a decade, fueled by high-value commercial ships and contracts for US Navy logistics support vessels.<\/p>\n Production capacity will be increased from 1.5 vessels to 10 per year as the yard is transformed into a mid-to-large-sized shipbuilder that will be the first U.S. shipyard in decades to build LNG carriers, an area in which Hanwha Ocean in Korea is among the world leaders.<\/p>\n The U.S. Trade Representative\u2019s Section 301 action to restore American shipbuilding <\/a>in response to Chinese actions includes provisions aimed at seeing an increasing proportion of America\u2019s LNG carried in U.S.-built ships.<\/p>\n \u201cOne of the U.S. government\u2019s top priorities is fostering the domestic construction of high-value vessels such as LNG carriers,\u201d Korea Economic Daily <\/em>quotes a Hanwha Group official as saying. \u201cGiven Hanwha Ocean\u2019s expertise in LNG shipbuilding, we\u2019re confident we can construct these vessels successfully in the U.S.\u201d<\/p>\n he yard, which operates Docks 4 and 5 out of its five drydocks, is now undergoing process optimization and facility upgrades to boost output at Dock No. 4 from the current one to four vessels annually and reportedly will also reactivate Dock No. 5, currently used only as a quay, by refurbishing it for full production.<\/p>\n \u201cPhilly Shipyard plans to boost productivity by addressing key bottlenecks in its operations, including expanding its painting facility to eliminate process delays,\u201d Choi Kwang-sik, an analyst at Daol Investment & Securities told KED.<\/p>\n Analysts say that barriers that Hanwha will have to overcome include labor costs and shortages, particularly of welders with the skills required for LNG carrier construction.<\/p>\n The post Hanwha Group\u2019s big plans for Philly include LNG carriers<\/a> appeared first on Marine Log<\/a>.<\/p>\n<\/div>\n