Hanwha Ocean has secured its first order for container ships in nearly three years, marking a significant milestone for the company. On Oct. 10, the company announced that it has received an order from a European shipowner for six large liquefied natural gas (LNG) dual-fuel container ships, valued at 1.7 trillion won. This order is the first of its kind for Hanwha Ocean since January 2022, ending a 2-year and 9-month hiatus.

The six 15,000 TEU (twenty-foot equivalent unit) LNG dual-fuel container ships will be constructed at Hanwha Ocean’s Geoje plant, with delivery scheduled by the end of 2028. This order aligns with Hanwha Ocean’s strategy of focusing on high-profitability ships based on stable work volumes.

The order comes at a time when container ship prices have surged by more than 30% over the past two years, according to Clarkson Research. This increase in prices reflects broader trends in the global shipping market, driven by rising demand and evolving environmental regulations. LNG dual-fuel technology, which allows ships to operate on both LNG and traditional marine fuels, is increasingly sought after for its environmental benefits, including reduced greenhouse gas emissions.

Hanwha Ocean’s strategic focus on selective orders has paid off this year. The company has secured approximately $7.35 billion in orders for 37 ships, more than doubling last year’s total order amount of $3.52 billion. This impressive performance underscores Hanwha Ocean’s ability to adapt to market conditions and capitalize on opportunities for high-profitability projects.

The Geoje plant, one of Hanwha Ocean’s major shipbuilding facilities, will play a crucial role in fulfilling this order. The plant’s capabilities and expertise in constructing advanced vessels like the 15,000 TEU LNG dual-fuel container ships are well-regarded in the industry.
Source: Business Korea