South Korean shipbuilder Hanwha Ocean announces it has won its first US Navy ship repair contract

(Photo illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

South Korean shipbuilder Hanwha Ocean announced today that it has won its first contract from the U.S. Navy to overhaul a 40,000-ton logistics support vessel, a month after getting the service's go-ahead to do such work.

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Hanwha's statement did not disclose the value of the contract. Several media outlets, including Korean daily JoongAng Daily, reported that the contract was the first of its kind to be won by a South Korean shipbuilder. A U.S. Navy spokesperson did not immediately respond to Breaking Defense's questions about the deal.

“This entry into the U.S. Navy maintenance sector will be an important step toward a new leap forward,” a Hanwha official said in the statement. “We have conducted preliminary preparations, in-depth investigations and analyses, and through this, we have gained confidence that we can establish a trusted relationship with the U.S. Navy and ensure appropriate profits by providing quality depot maintenance in a timely manner.”

The work will be completed at Hanwha Oceans' Geoje plant, located on the southern tip of South Korea, near the city of Busan.

Navy Secretary Carlos Del Toro has aggressively pressured Hanwha and other Asian shipbuilders to seek work in the U.S. market as part of his “New Maritime Policy,” an initiative aimed at revitalizing U.S. commercial and naval shipbuilding.

Hanwha announced on July 22 that it has secured a major ship repair agreement from Naval Supply Systems Command, which in turn has given it permission to bid on the recently announced logistics ship overhaul contract.

In June, Hanwha revealed it had begun the process of buying a majority stake in Philly Shipyard for about $100 million, another move welcomed by Del Toro, who visited Hanwha and other South Korean and Japanese companies earlier this year.

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