Hanwha Ocean Simultaneously Constructs 4 LNG Carriers at World's Largest 1 Dock

Restructuring Production System Focused on Profitable LNG Carriers
Holding 65 LNG Ship Orders... Including Qatar Orders

Hanwha Ocean announced on the 26th that it is simultaneously constructing four large liquefied natural gas (LNG) carriers at the world's largest No. 1 dock (dock·shipbuilding yard) located at its Geoje plant in Gyeongnam.

Hanwha Ocean's No. 1 dock measures 530m in length and 131m in width. It can build various types of ships and offshore plants all at once. Hanwha Ocean stated, "Simultaneously constructing the most profitable LNG carriers at the No. 1 dock symbolizes our ongoing efforts to normalize management."

The No. 2 dock will also begin continuous construction of LNG carriers starting next year. Hanwha Ocean explained, "We plan to consecutively build 22 vessels in 2024 and 24 vessels in 2025," adding, "We expect to break the record for the highest number of LNG carriers built every year." The year Hanwha Ocean built the most LNG carriers was 2018, with a total of 19 vessels constructed.

LNG is a representative eco-friendly fuel with continuous demand in Europe and Asia. In Europe, demand is gradually increasing as countries seek to reduce energy dependence on Russia, so the demand for LNG carriers linked to LNG development projects is also expected to remain stable.

Four LNG carriers are being built simultaneously at Hanwha Ocean's No. 1 dock. The final stages of construction are in full swing ahead of the launching scheduled for the 4th of next month.
[Photo by Hanwha Ocean]

Hanwha Ocean is accelerating profitability improvement through continuous construction of LNG carriers. Currently, Hanwha Ocean holds an order backlog of 65 LNG carriers, which is expected to maintain a stable profit structure and improve business performance in the future. A large-scale LNG carrier order from Qatar is also expected soon, which will likely further increase Hanwha Ocean’s LNG carrier order backlog.

A Hanwha Ocean official said, “We expect profitability to improve significantly through continuous construction of high value-added LNG carriers,” adding, “Hanwha Ocean will enhance shipowner satisfaction by delivering the highest quality and meeting delivery deadlines based on the world-class LNG technology and know-how we have accumulated.”

Hanwha Ocean recently announced a strategy to actively respond to the demand for eco-friendly products and technologies amid strengthening global environmental regulations, aiming to become a ‘Global Ocean Solution Provider.’ Hanwha Ocean leads the global LNG-related market by completing the entire product lineup related to LNG, including LNG carriers, icebreaking LNG carriers, LNG-RVs, LNG-FSRUs, LNG-FSUs, and LNG-FPSOs.

This content was produced with the assistance of AI translation services.