Hanwha Ocean announced that it has been awarded a contract to overhaul a 40,000-ton U.S. Navy dry cargo and ammunition ship, becoming the first South Korean shipyard to secure a ship maintenance, repair, and overhaul (MRO) contract from the U.S. Navy.

This project involves a regular overhaul of a large U.S. Navy vessel, a task that can only be undertaken by companies holding a Master Ship Repair Agreement (MSRA).

Under this contract, the U.S. Navy vessel will dock at Hanwha Ocean’s Geoje shipyard, where it will undergo comprehensive maintenance and inspection. Additionally, onshore overhaul work utilizing the shipyard’s floating shipbuilding facilities will be conducted.

With this contract, Hanwha Ocean has entered the U.S. Navy ship MRO market, marking a significant entry into the global maritime defense market.

On July 22, Hanwha Ocean signed the MSRA with the U.S. Navy’s Naval Supply Systems Command (NAVSUP). Hanwha Ocean applied for the MSRA in January and significantly shortened the usual certification period, which typically takes over a year, to just seven months.

Approximately a month after receiving the MSRA, Hanwha Ocean secured the overhaul contract for the ship. This achievement reflects the U.S. Navy’s recognition of Hanwha Ocean’s shipbuilding technologies and MRO infrastructure.

Qualified to participate in bids for MRO projects for ships designated by the U.S. Navy for the next five years, Hanwha Ocean plans to showcase its unique naval ship technologies and systematic MRO infrastructure to the U.S. Navy by completing the overhaul project on schedule.

Hanwha Ocean views this project, a pilot initiative by the U.S. Navy in the Asia region, as a pivotal moment that could reshape the U.S. naval ship MRO market.

The recent acquisition of Philly Shipyard in Philadelphia, along with this contract, has strengthened Hanwha Ocean's entry into the U.S. Navy shipbuilding sector.

Carlos Del Toro, Secretary of the U.S. Navy, praised Hanwha Group’s acquisition of Philly Shipyard, stating, “Hanwha’s acquisition of Philly Shipyard is a game-changing milestone in our new Maritime Statecraft.”

This contract was achieved with the active support of the Ministry of National Defense and the Defense Acquisition Program Administration of the Republic of Korea, and is considered a result of the close defense cooperation between South Korea and the U.S.

“This contract to overhaul a U.S. Navy ship is a stepping stone into the global ship MRO market, expected to exceed USD 60 billion annually,” stated a Hanwha Ocean official. “Thanks to thorough preparation, we can provide timely and high-quality overhaul services, building trust with the U.S. Navy.”

[Photo]
-Photo 1: On February 27, Secretary of the Navy Carlos Del Toro visited Hanwha Ocean South Korea
-Photo 2: Hanwha Ocean's Geoje Shipyard
-Photo 3: Philly Shipyard U.S.