$7.87 Billion Orders This Year
Largest Cumulative Total for Domestic Individual Shipyards This Year
In Greece, Kim Hee-chul, President of Hanwha Ocean (right), and Maria Angelikousis, Chairwoman of the Angelikousis Group, are shaking hands after signing a contract for the construction of an LNG carrier. Photo by Hanwha Ocean
Hanwha Ocean secured orders for two LNG (liquefied natural gas) carriers, achieving the highest order volume among domestic shipyards this year.
Hanwha Ocean announced on the 11th that it received an order worth 713.5 billion KRW for two LNG carriers from Maran Gas Maritime, a subsidiary of Angelicoussis Group, the largest shipping company in Greece. These vessels will be built at the Geoje shipyard in Gyeongnam and are scheduled to be delivered to the shipowner in 2027. Notably, the contract includes options for two additional vessels, allowing for potential future orders.
The LNG carriers ordered this time are large-scale vessels with a capacity of 174,000 cubic meters. Equipped with Hanwha Ocean's proprietary natural gas propulsion engine (ME-GI) and a full re-liquefaction system (FRS), these ships offer improved fuel efficiency and reduced pollutant emissions compared to existing LNG carriers. Additionally, the latest eco-friendly technologies such as Hanwha Ocean's smart energy-saving systems, including the Air Lubrication System (ALS) and Shaft Generator Motor (SGM), will be applied.
Since the beginning of this year, Hanwha Ocean has secured orders for 39 vessels worth 7.87 billion USD (approximately 10.9652 trillion KRW), more than double last year's order amount of 3.52 billion USD. This is the highest order record among domestic shipyards on an individual shipyard basis as of now. This success is the result of a selective order strategy focusing on high value-added products such as LNG carriers. By ship type, the orders include 19 LNG carriers and LNG-FSRUs, 7 ultra-large crude carriers, 6 container ships, 3 ammonia carriers, 1 offshore unit, and 3 special-purpose vessels, totaling 39 vessels.
The Angelicoussis Group is Hanwha Ocean's largest customer, having placed a total of 123 vessel orders since their first order in 1994. The total contract value amounts to approximately 15 billion USD, exceeding 20 trillion KRW.
Hanwha Ocean and Angelicoussis Group have maintained a relationship beyond business based on strong trust over the past 30 years. In 2022, Angelicoussis Group donated 2 million USD to Hanwha Ocean to be used for the welfare of employees who gave their best efforts by foregoing summer vacations to make up for delays. Last year, Hanwha Ocean held a plaque unveiling ceremony and commemorative tree planting at the Geoje shipyard in honor of the late John Angelicoussis, the second chairman of Angelicoussis Group and a Greek shipping magnate who extended support whenever the company faced difficulties.
A Hanwha Ocean official said, "Our 30-year partnership is based on trust in the shipyard's technological capabilities," adding, "We will repay this trust by building ships of the highest quality."
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