Hanwha Ocean Delivers 200th LNG Carrier, a World First

Record-Breaking Orders and Construction of LNG Carriers
Unmatched Technological Milestone
No. 1 Market Share in LNG Carrier Sector
Full Lineup of LNG Facilities Secured

Hanwha Ocean has successfully delivered the world’s 200th LNG carrier for the first time ever.

The 200th LNG carrier built by Hanwha Ocean, SK Shipping's 'Lebrethah' in operation. Photo by Hanwha Ocean

Hanwha Ocean, which has rewritten the history of the shipbuilding industry, has once again proven its unparalleled competitiveness in the global LNG carrier market through overwhelming technological capabilities and productivity innovation.

Hanwha Ocean (CEO Kim Hee-cheol) announced that it delivered the 200th LNG carrier built by the company, the "LEBRETHAH," to SK Shipping on the 20th.

The LEBRETHAH is scheduled to be deployed and operated in Qatar Energy’s North Field Expansion Project. The operating company is KGL (Korea Green LNG Ltd.), a consortium of three domestic companies: SK Shipping, H Line Shipping, and Pan Ocean.

Equipped with a low-pressure dual-fuel propulsion engine (ME-GA) and reliquefaction facilities, the LEBRETHAH is an eco-friendly vessel that can significantly reduce emissions of air pollutants. The latest technologies, including Hanwha Ocean’s smart ship solution HS4, have also been applied for efficient vessel operation.

▲ 21 years vs. 9 years... Shortening construction period through technology development and productivity innovation

The first LNG carrier built by Hanwha Ocean in 1995, the 'Hanjin Pyeongtaek,' in operation. Photo by Hanwha Ocean

Hanwha Ocean opened a new chapter in history by successfully delivering its first LNG carrier in 1995. Then, 21 years later, in 2016, it delivered its 100th LNG carrier. During the same period, Hanwha Ocean achieved both technology development and productivity innovation, building the remaining 100 vessels in just 9 years. This means the latter 100 vessels were constructed more than twice as fast as the first 100.

Hanwha Ocean’s efforts in technology development and productivity improvement are first evident in the establishment of a technical system capable of constructing four vessels simultaneously in one dock. Through this, Hanwha Ocean secured the highest production capacity ever, capable of building up to 25 LNG carriers annually.

▲ No. 1 market share in LNG carrier market, Hanwha Ocean’s technological leadership

Hanwha Ocean has established a full lineup of LNG-related facilities including LNG carriers, icebreaking LNG carriers, LNG-RVs, LNG-FSRUs, LNG-FSUs, and LNG-FPSOs. In particular, Hanwha Ocean, which was the first in the world to build icebreaking LNG carriers, LNG-RVs, LNG-FSRUs, and LNG-FPSOs, is recognized for its unrivaled LNG-related technological capabilities in the global market.

Hanwha Ocean’s technological superiority has also translated into the achievement of the No. 1 market share. Amid growing global LNG demand and increasing requirements for eco-friendly vessels, Hanwha Ocean has improved fuel efficiency by pioneering the development of partial reliquefaction systems and complete reliquefaction systems for high- and low-pressure engines. Additionally, it has secured differentiated competitiveness through the development of carbon reduction technologies.

▲ Increasing LNG demand... Brighter growth prospects for Hanwha Ocean

The global LNG market has recently regained momentum. LNG projects that were halted due to former U.S. President Donald Trump’s fossil fuel policies are resuming, and LNG carrier demand is expected to increase accordingly.

Global shipbuilding and shipping investment finance firm Clarkson Securities analyzed that global newbuilding demand for LNG carriers will reach up to 126 vessels by 2029. This corresponds to a scale of approximately 47 trillion KRW.

The industry expects Korean shipbuilders to gain a reflective benefit from international geopolitical factors such as Chinese shipyards being placed on the U.S. blacklist. In particular, Hanwha Ocean, which has strengths in LNG carriers, is widely expected to be the biggest beneficiary.

Kim Jong-seo, Head of Hanwha Ocean’s Merchant Ship Division, said, “With changes in U.S. fossil fuel policies, the importance of LNG in the global energy market is becoming more prominent. We take pride in Hanwha Ocean as the best shipyard that meets the demands of global shipowners with overwhelming technological capabilities.”

Hanwha Ocean plans to exert even stronger influence in the global LNG carrier market through continuous technology development and productivity improvement. Furthermore, it will lead innovation in the shipbuilding industry by developing various LNG-related marine facility technologies beyond LNG carriers.

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