Hanwha Ocean Wins Order for Two LNG Carriers Worth 738.3 Billion Won

Contract Signed with Oceania Shipowner
Orders for 3 VLCCs and 2 LNG Carriers Secured This Year
Continued Demand for Replacement of Aging Vessels Despite Short-Term Market Adjustments

Hanwha Ocean has secured an order for two liquefied natural gas (LNG) carriers from a shipowner in the Oceania region.

According to the electronic disclosure system on January 21, Hanwha Ocean signed a contract with an Oceania-based shipowner to construct two LNG carriers. The contract amount is 738.3 billion won, which accounts for 6.9% of the company’s consolidated sales of 10.776 trillion won as of the end of last year. The vessels are scheduled to be delivered sequentially by June 29, 2029. The contract includes both the contract deposit and advance payment, and payments will be collected according to the progress of construction.

An LNG (liquefied natural gas) carrier fully occupying the yard dock at Hanwha Ocean Okpo Shipyard in Geoje, Gyeongnam, continues construction work with its lights on. Photo by Kang Jin-hyung

Including this contract, Hanwha Ocean has won orders for a total of five vessels so far this year: three very large crude carriers (VLCCs) and two LNG carriers, amounting to approximately 890 million dollars (about 1.3 trillion won). Compared to January last year, when the company secured only one VLCC order, this indicates an improved order intake trend at the start of the year.

Recently, as a large number of LNG carriers have been delivered, charter rates have shown weakness in the short term. However, Hanwha Ocean expects that, given the tightening of environmental regulations and increasing demand for fuel efficiency, the need to replace aging vessels will continue in the mid- to long-term.

In particular, with numerous LNG terminal development projects scheduled after 2028, especially in the United States, demand for new LNG carriers is expected to steadily increase. The industry anticipates that, in line with the expansion of the LNG value chain, the preference for high-specification and high-efficiency LNG carriers will likely persist.

Hanwha Ocean plans to flexibly respond to market volatility in this environment while maintaining a selective order strategy focused on high value-added large vessels.