Hanwha Engine secured a 629.2 billion won ($484 million) contract to supply ship engines to an undisclosed Asian buyer, marking one of the largest deals in the company’s history. The order value represents nearly three-quarters of the South Korean manufacturer’s 2023 revenue.
The contract, which runs through November 2028, requires a 20% upfront payment, with the remaining balance due over the term. The buyer’s identity will remain confidential until January 2026, highlighting the competitive nature of the global marine engine market.
As a key subsidiary of Hanwha Group, one of South Korea’s major conglomerates, Hanwha Engine’s latest deal signals growing demand in Asia’s shipbuilding sector. The company noted that delivery timelines could shift based on shipyard schedules, reflecting the complex nature of maritime manufacturing projects.
The deal strengthens Hanwha Engine’s market position at a time when shipping companies are upgrading their fleets. The marine engine sector has seen increased activity as vessel operators respond to stricter environmental regulations and seek more efficient propulsion systems.
