Hanwha Ocean Wins 1.55 Trillion-Won Order From Yang Ming

Hanwha Ocean has secured a significant 1.55 trillion won ($1.11 billion) order from Taiwan's Yang Ming Marine Transport, highlighting its position in the environmentally-friendly vessel sector. This contract, signed on September 3rd, involves the construction of six 13,650-TEU liquefied natural gas (LNG) dual-fuel container ships.

The total contract value represents approximately 12.1% of Hanwha Ocean's revenue from the previous year. Manufacturing of these vessels will commence at Hanwha Ocean's Geoje shipyard, with shipments expected throughout the second half of 2029. The ships will feature Hanwha Ocean's proprietary "high-manganese steel-based Type-B LNG fuel tank," which provides enhanced strength and toughness at extremely low temperatures while being more cost-effective compared to traditional materials.

The company's CEO, Kim Hee-chul, expressed confidence in their design and production capabilities, affirming the company's dedication to maintaining its unique quality and competitive edge. Yang Ming Marine Transport Chairman, Tsai Feng-ming, emphasized the partnership's solid foundation and commitment to creating a sustainable fleet.

This contract follows Hanwha Ocean's recent order for three very large gas carriers (VLGCs) valued at 477.8 billion won from an Oceania-based shipowner, bringing the company's total orders from the two days to 2.03 trillion won. The surge in orders is attributed to the evolving global container ship market, which is being transformed by stringent environmental regulations from the International Maritime Organization (IMO), leading to a demand for the replacement of older vessels with more eco-conscious fleets.

As of now, Hanwha Ocean has recorded orders for 38 vessels this year, totaling approximately $7.07 billion, with plans to continue prioritizing high-value-added, eco-friendly vessels to solidify its market position.