Hanwha Ocean Wins Order for Four VLCCs from African Shipowner Worth 757.7 Billion Won

Expansion of Global Orders Driven by Fleet Replacement Demand
Strengthening Competitiveness with Eco-Friendly Technology and Expertise
A Total of 37 Vessels Ordered This Year, Including 17 VLCCs

Hanwha Ocean has secured an order for four Very Large Crude Carriers (VLCCs) from a shipowner in Africa.

According to an electronic disclosure on the 24th, the contract is valued at 757.7 billion won, which is approximately 7% of the company’s most recent annual revenue as of the end of 2024. The contract was signed on the 21st, and construction will take place from November 2025 to November 2028. Payments will be made according to the progress of the construction.

Yard view of Hanwha Ocean Okpo Shipyard in Geoje, Gyeongnam. Photo by Kang Jinhyung

Recently, global VLCC freight rates have continued to rebound. With a high proportion of aging vessels, demand for replacement orders is steadily increasing. In addition, as environmental regulations are tightened, there is a clear preference for new ships, which is expected to keep the market outlook positive for the time being.

Hanwha Ocean has consistently strengthened its market competitiveness based on its extensive experience and technological expertise in VLCC construction. The company plans to actively respond to the needs of global shipowners by leveraging its eco-friendly technological capabilities, such as improving fuel efficiency and complying with greenhouse gas regulations.

Hanwha Ocean’s cumulative order intake this year is also growing rapidly. Including this contract, the company has secured orders for a total of 37 vessels: 17 VLCCs, 13 container ships, 6 LNG carriers, and 1 icebreaking research vessel, amounting to approximately 6.97 billion dollars (about 10.2 trillion won) in total value.

The company stated, "The contract period and final settlement amount may be subject to some changes during the course of construction."

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