Hanwha Ocean Clinches $1.57 Billion Vessel Deal

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Major South Korean shipbuilder Hanwha Ocean Co. said Monday it has won orders totaling 2.15 trillion won ($1.55 billion) for eight carriers from two Middle Eastern shippers, reports the Korea Economic Daily.

Hanwha Ocean will build four liquefied natural gas (LNG) ships for one undisclosed Middle Eastern shipper at a cost of 1.43 trillion won and four very large crude carriers (VLCCs) for another at 719.6 billion won, the company revealed in a regulatory filing.

So far this year, Hanwha Ocean has bagged $5.3 billion worth of orders to build 16 LNG carriers, seven VLCCs, two ammonia carriers and one liquefied petroleum gas carrier. It garnered orders worth $3.5 billion for the whole of 2023.

Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., set sail as the shipbuilding arm of chemical-to-defense industry conglomerate Hanwha Group in May last year.

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Source: The Korea Economic Daily