Two LNG Carriers from Greek Marangas Company Worth 713.5 Billion KRW, $7.87 Billion This Year
123 Orders Over 30 Years Since 1994... 'Trust and Loyalty' Maintained for Three Decades
Hanwha Ocean secured orders for two LNG carriers, achieving the highest order volume among domestic shipyards this year.
In Greece, Hanwha Ocean President Kim Hee-chul (right) and Angelicoussis Group Chairwoman Maria Angelicoussis shake hands after signing the LNG carrier construction contract. Photo by Hanwha Ocean
Hanwha Ocean (CEO Kim Hee-chul) announced that it has received an order for two LNG carriers worth 713.5 billion KRW 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, raising expectations for further orders.
Since the beginning of this year, Hanwha Ocean has secured orders for 39 vessels worth approximately 7.87 billion USD. This is the highest order record among domestic shipyards on an individual shipyard basis as of now. This is the result of a selective order strategy focusing on high value-added products such as LNG carriers.
Hanwha Ocean has ordered 39 vessels worth about 7.87 billion USD this year, including 19 LNG carriers and LNG-FSRUs, 7 ultra-large crude carriers, 6 container ships, 3 ammonia carriers, 1 offshore unit, and 3 special vessels. This achievement is more than double last year's order amount of 3.52 billion USD.
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 amount exceeds approximately 15 billion USD, which is over 20 trillion KRW.
Hanwha Ocean and the Angelicoussis Group have maintained a relationship beyond business based on strong trust over the past 30 years. In 2022, the 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 in the construction process.
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 the Angelicoussis Group and a Greek shipping magnate who extended support whenever the company faced difficulties. This is an example where the Hanwha spirit of ‘trust’ and ‘loyalty’ shone brightly.
The LNG carriers ordered this time are large 174,000㎥ class vessels equipped with Hanwha Ocean’s proud natural gas propulsion engine (ME-GI) and a full re-liquefaction system (FRS). Compared to existing LNG carriers, these ships will have improved fuel efficiency and reduced pollutant emissions.
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.
A Hanwha Ocean official stated, “The 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.”
In Greece, Hanwha Ocean President Kim Hee-chul (fifth from the right) and Angelicoussis Group Chairperson Maria Angelicoussis (sixth from the right), along with officials from both companies, are posing for a commemorative photo after completing the contract signing ceremony. Photo by Hanwha Ocean
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