Hanwha Ocean Co. announced on Monday that its first-quarter net profit for 2025 increased by 322.9 percent to 215.7 billion won (US$149.8 million) from 51 billion won in the same period of 2024, according to a regulatory filing.
The company’s operating income for the January-March period rose 388.8 percent to 258.6 billion won from the previous year. Sales grew by 37.6 percent year-on-year, reaching 3.14 trillion won.
According to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, the operating profit exceeded the average estimate by 38.8 percent. No estimate for net profit was provided.
Hanwha Ocean attributed the results to increased sales of high-value premium ships, including liquefied natural gas (LNG) vessels. In 2025, the company has secured orders worth US$3 billion to construct 14 vessels, comprising six very large crude carriers (VLCCs), six container ships, and two LNG carriers.
Hanwha Ocean Co., formerly Daewoo Shipbuilding & Marine Engineering, is a South Korea-based company primarily engaged in the shipbuilding and marine industries. It operates through three main segments: Commercial Ship Business, which builds liquefied natural gas carriers (LNGCs), liquefied petroleum gas carriers (LPGCs), tankers, and container ships; Offshore and Special Ship Business, which constructs floating production storage and offloading units (FPSOs), fixed platforms, drilling rigs, and special ships such as submarines and destroyers; and Other Business, which includes marine freight transportation and computer system construction services. The company has a strong focus on high-value vessels, particularly LNG carriers.