Hanwha Engine Secures 19.6 Billion Maintenance Contract for Ship Engines Supplied to Pan Ocean

Maintenance and Overhaul of 27 Ship Engines Over Five Years
"We Aim to Expand Our Aftermarket Share"

Hanwha Engine will provide maintenance, repair, and overhaul services for 27 ship engines over five years to the domestic shipping company Pan Ocean.

Hanwha Engine announced on the 27th that it has signed a 19.6 billion KRW 'Long Term Service Agreement (LTSA)' for ship engine maintenance with Pan Ocean. This contract is for the maintenance of 27 Hanwha Engine units supplied to Pan Ocean. The contract period is five years starting this year. LTSA is a service that provides regular maintenance, repair, and overhaul work over a long period to ensure stable operation of ship engines.

Ahn Jung-ho, CEO of Pan Ocean (left), and Yoo Moon-gi, CEO of Hanwha Engine, are taking a commemorative photo at the "Hanwha Engine-Pan Ocean LTSA Contract Signing Ceremony" held the previous day (26th) at Pan Ocean headquarters in Cheongjin-dong, Jongno-gu, Seoul. Photo by Hanwha Engine

A Pan Ocean official said, "This LTSA agreement reflects Pan Ocean's strong commitment to securing ship quality and safety," adding, "We will continue to consult with Hanwha Engine to successfully carry out the LTSA."

Hanwha Engine has been diligently organizing its structure and infrastructure to expand its aftermarket. The aftermarket refers to the market created for inspecting, repairing, or replacing parts of sold products. Hanwha Engine stated that this contract is an important turning point that marks the full-scale entry into the LTSA market beyond a simple order.

A Hanwha Engine official expressed, "LTSA demand is emerging for dual-fuel engines, which have recently seen a surge in orders," and added, "We aim to stand out in the market based on Hanwha Engine’s specialized customer service and competitiveness."