Hanwha Ocean Secures First Order of the Year Worth 572.2 Billion Won
Secures Order for Three VLCCs from Middle Eastern Shipowner
Newbuild Demand Remains Strong as Aging Fleet Replacement Continues
Hanwha Ocean has secured its first order of the new year by winning a contract for three Ultra Large Crude Carriers (VLCCs).
On January 15, Hanwha Ocean announced through a regulatory filing that it had received an order for three VLCCs from a shipowner in the Middle East, with a total value of 572.2 billion won. This amount represents 5.3% of the company’s most recent consolidated annual revenue as of the end of 2024 (10.776 trillion won). The contract period runs from January 14, 2026, to April 30, 2029.
Hanwha Ocean has analyzed that the global VLCC fleet is aging rapidly, making it highly likely that newbuild demand will remain strong. The company stated that it will continue to enhance its competitiveness by leveraging its VLCC construction experience and incorporating technologies for improved fuel efficiency and eco-friendly specifications.
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Hanwha Ocean plans to maintain a selective order strategy focused on high value-added large vessels, including VLCCs, while flexibly responding to market volatility in the future.
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