Hanwha Ocean has signed contracts to build two LNG carriers for its affiliate, Hanwha Shipping LLC. The Okpo-based shipyard is scheduled to deliver the vessels by the end of September 2027, according to the company's release. The contract is valued at approximately $504 million, or $252 million per vessel.
In September 2024, Hanwha Ocean unveiled its next generation of ships at the Gastech event in Houston, including a zero-emission LNG carrier design called Ocean 1. This vessel is designed to feature an ammonia gas turbine-based electric propulsion system and advanced eco-friendly and digital solutions.
Local media reported that Hanwha Ocean achieved its first profitable year since 2020 in 2024. The group’s merchant ship division saw a recovery, driven by increased demand for high-value-added vessels such as LNG carriers.
Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering (DSME), is a South Korean shipbuilder specializing in various vessel types, including LNG carriers, containerships, and offshore platforms. It is part of the Hanwha Group.
Hanwha Shipping LLC is a shipowning subsidiary of Hanwha Ocean. It was launched in April 2024 to operate vessels incorporating eco-friendly and digital technologies and serve as a testing platform for these technologies.
The Hanwha Group is a large South Korean conglomerate with diverse business interests, including aerospace, defense, chemicals, finance, and shipbuilding.