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The U.S. Navy fleet replenishment oiler Wally Schirra sets sail after successful maintenance. Hanwha Ocean picture.
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Hanwha Ocean press release
Hanwha Ocean Co., Ltd. (CEO Charles Kim) has set a new milestone in Korea’s shipbuilding industry.
The U.S. Navy’s dry cargo and ammunition ship Wally Schirra, the first vessel awarded to a Korean company for maintenance, repair, and overhaul (MRO), has successfully completed its maintenance and set sail. This marks a historic moment in strengthening maritime defense cooperation between South Korea and the United States.
The MRO project, carried out at Hanwha Ocean’s Geoje Shipyard over approximately six months, involved comprehensive maintenance, including hull and engine repairs, major equipment inspections and replacements, and system upgrades. Hanwha Ocean met the U.S. Navy’s stringent technical standards, demonstrating top-tier quality and efficiency in vessel maintenance.
During the maintenance process, Hanwha Ocean leveraged its technical expertise to generate additional revenue. In particular, the company identified new maintenance elements of the vessel that had not been recognized during the initial contract and proposed solutions. As a result, the contract was revised, significantly increasing revenue. This proactive problem-solving approach further strengthened the U.S. Navy’s trust in Hanwha Ocean.
After requiring a Master Ship Repair Agreement (MSRA) by the U.S. Navy in July last year, Hanwha Ocean secured its first project just a month later—the overhaul of Wally Schirra. In November, the company also won a contract for the scheduled maintenance of USNS Yukon, a replenishment oiler assigned to the U.S. Navy’s 7th Fleet, further establishing its reputation in the U.S. market.
In addition to enhancing its global competitiveness, Hanwha Ocean contributed to the growth of Korea’s shipbuilding ecosystem by collaborating with local industry partners during the MRO project. Notably, for the Yukon project, Hanwha Ocean partnered with small and medium-sized shipbuilding companies in the Geoje region, positively impacting the local economy.
Before and after images of the vessel’s maintenance work. Hanwha Ocean picture.
This success reaffirms the global competitiveness of Korea’s ship repair technology. Hanwha Ocean aims to continue fostering partnerships with domestic suppliers, creating a sustainable growth model in the MRO sector.
With the U.S. strengthening its vessel maintenance capabilities in the Indo-Pacific region through increased collaboration with allied shipyards, Hanwha Ocean’s successful execution of this project is expected to elevate Korea’s status as a key hub in the global naval MRO market. Hanwha Ocean plans to expand its global MRO business beyond the United States to Asia, the Middle East, Europe, and North America, building on the success of this project.
The global naval MRO market is valued at approximately $8 billion and continues to grow. Hanwha Ocean has set a target to secure MRO contracts for five to six U.S. Navy vessels this year and plans to further expand its overseas MRO business.
“Today is the result of months of hard work and dedication by the team here at Hanwha and by the men and women of the Wally-Shirra. This serves as a reminder of the close partnership between our two countries and the opportunities we have to continue to strengthen that partnership.”
Patrick J. Moore, Command Officer of MSCOK
“It is a great honor to contribute to the U.S. Navy, which has been dedicated to maintaining global peace, including in Korea and the broader East Asia region, through this project. Based on the experience gained from Wally Schirra, we will continue to strive to make greater contributions as a key partner of the U.S. Navy.”
Dae-Sik Kim, Managing Director of Hanwha Ocean’s MRO business
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