Hanwha Ocean Secures $258M Order for Two VLCCs
South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.
The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.
The ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026, respectively.
Additionally, this contract includes an option to sign additional contracts, so further orders are expected in the future, Hanwha Ocean said.
Thie ships will boast an eco-friendly crude oil carrier design that minimizes carbon emissions by applying various fuel reduction devices developed by Hanwha Ocean and an optimized line.
So far in 2024, Hanwha Ocean received orders for a total of four vessels worth about $510 million, including two ultra-large crude oil carriers and two ultra-large ammonia carriers.
“We are pursuing a selective order-taking strategy focused on continued profitability based on differentiated VLCC technology and construction experience accumulated over a long period of time, as well as the application of leading eco-friendly technology,” an official from Hanwha Ocean said.
Hanwha Ocean has built 185 of the 925 ultra-large crude oil carriers currently in operation around the world, the largest number.