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Hanwha Ocean Secures Record-Breaking VLCC Order from Oceania

Marking its largest order in 16 years, Hanwha Ocean will build eco-friendly crude carriers, underscoring its commitment to sustainable shipping
South Korea
h 042660.KO Mid and Small Cap 2000
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South Korea’s leading shipbuilding giant Hanwha Ocean Co. has secured a 342 billion won (US$257 million) order to build two very large crude carriers (VLCCs) for an Oceania-based shipowner.

The order, the first of its kind since 2021, marked the biggest order for Hanwha Ocean since the global financial crisis in 2008, signaling that the country’s shipbuilding industry has returned to normal growth.

VLCCs are vessels that play a central role in transporting oil across the world. The new ships will be built focusing on eco-friendliness, with Korea’s second-largest shipbuilder Hanwha Ocean planning to incorporate strengthened fuel reduction technologies and an optimized ship shape to cut carbon emissions, as worldwide demand grows for environmentally friendly maritime logistics solutions. Set for delivery in the first and second half of 2026, the ships will be built at the company’s Geoje Shipyard, boasting cutting-edge facilities and technological prowess. The latest order builds on Hanwha Ocean’s portfolio, building four vessels worth a combined US$ 510 million this year, two each of very-large ammonia carriers and VLCCs.

Yoo Jae-gon, the shipbroker at Seoul-based Shinhan Investment Corp., said, “The new orders are of huge significance as Hanwha Ocean has returned to the global shipbuilding stage and vowed to spearhead an industry-wide campaign for eco-friendly ships.”

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