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Hanwha Ocean Secures $1.6 Billion Contract for LNG Carriers and VLCCs

Shipbuilder's total orders reach $5.33 billion in 2024, surpassing last year's intake
South Korea
h 042660.KO Mid and Small Cap 2000
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Hanwha Ocean announced on July 1 the signing of significant contracts with two Middle Eastern shipping companies for the construction of eight vessels, comprising four LNG carriers and four VLCCs. The total value of these contracts amounts to 2.158 trillion won, or approximately $1.598 billion.

This deal adds to Hanwha Ocean’s impressive performance this year. Including the latest contracts, the company has secured orders worth $5.33 billion for 16 LNG carriers, seven VLCCs, two ammonia fuel cell-powered very large ammonia carriers (VLACs), one very large gas carrier (VLGC), and one offshore facility. This year’s orders have already exceeded the total intake of $3.52 billion in 2023.

In the VLCC sector, Hanwha Ocean has seen substantial growth. The company received orders for three VLCCs in 2022 and 18 in 2023. By the end of May 2024, the number of VLCC orders had risen to 37, reflecting strong demand and the company’s growing market share.

The increasing global demand for LNG has been a boon for Hanwha Ocean. The shipbuilder plans to construct 24 LNG carriers by 2025, marking the highest number in its history, following the 22 LNG carriers slated for completion this year. The company’s strategic focus on meeting the rising LNG demand is expected to continue driving its growth in the coming years.

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