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Hanwha Ocean's $1.75 Billion Win: 7 LNG Carriers for Europe Amid Green Push

Hanwha Ocean has landed a massive $1.75 billion order to build seven LNG carriers for a European client. This pushes the company's yearly contract value past last year's total, showing strong market demand. In a related green tech move, its sister company is buying a Norwegian firm specializing in zero-emission ship systems. Meanwhile, another major Korean shipbuilder, HD KSOE, has also secured a sizable new order for container ships.

Key Points: Hanwha Ocean Wins $1.75B Order for 7 LNG Carriers from Europe

  • Hanwha Ocean's 2024 orders hit $9.83 billion, surpassing last year's total
  • Deal includes 20 VLCCs, 17 container ships, and 13 LNG carriers
  • Parent company Hanwha Engine acquires Norwegian tech firm Seam AS
  • HD KSOE also secures a $466 million order for four container ships
2 min read

Hanwha Ocean wins $1.75 billion order for 7 LNG carriers from Europe

Hanwha Ocean secures a major $1.75 billion deal for 7 LNG carriers, citing European confidence in its eco-friendly technology and carbon reduction.

"The contract reflects strong confidence among European shipowners in the company’s high-pressure LNG engine technology and its ability to reduce carbon emissions. - Hanwha Ocean"

Seoul, Dec 19

Hanwha Ocean said on Friday it has secured an order worth 2.59 trillion won ($1.75 billion) to supply seven liquefied natural gas (LNG) carriers for a European shipowner.

With the latest deal, Hanwha Ocean has secured orders for 51 vessels worth a combined $9.83 billion so far this year, exceeding its annual order of $8.98 billion recorded last year, reports Yonhap news agency.

This year's deals include 20 very large crude carriers (VLCCs), 17 container ships, 13 LNG carriers and one icebreaking research vessel.

Hanwha Ocean said the contract reflects strong confidence among European shipowners in the company's high-pressure LNG engine technology and its ability to reduce carbon emissions.

Also, Hanwha Engine said it will acquire Seam AS, a Norwegian shipboard electric propulsion systems maker, becoming the first South Korean company to enter the maritime technology market in Northern Europe.

The marine engine producer under Hanwha Group has agreed to acquire the entire stake in the Norwegian firm for around 290 billion won ($196.6 million), the company said.

Based in Avaldsnes, Seam is a leading developer of zero-emission maritime solutions, such as control software and energy storage systems (ESS) for ships.

Norway is considered one of the most active adopters of electric propulsion ships, and Seam holds around a 40 percent share in Norway's maritime market.

Hanwha Engine said it plans to expand the scope of maritime propulsion solutions provided by the company through the acquisition and prepare for growing demand for eco-friendly vessels.

Meanwhile, HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE), the shipbuilding subholding company of HD Hyundai Co., said on Friday it has won an order worth 689.6 billion won (US$466.2 million) to supply four container ships for an Oceania-based shipping company, according to Yonhap news agency.

The vessels will be built at the shipyard of HD Hyundai Samho Heavy Industries Co., with deliveries to be made sequentially by the second half of 2028, the company said.

With the latest order, HD KSOE has won contracts worth a combined $17.33 billion for 122 vessels so far this year, reaching 96 percent of its annual order target.

- IANS

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Reader Comments

P
Priya S
The focus on reducing carbon emissions is the key takeaway here. 🌿 As a major importer of LNG, India should also invest in building such advanced, green carriers. It would secure our energy supply chain and create jobs. Win-win!
R
Rohit P
$1.75 billion for 7 ships! That's massive. Shows the premium on advanced technology. While we celebrate their success, a respectful criticism: our news often highlights foreign industrial wins more than our own. Cochin Shipyard has done good work too, let's talk about that more.
S
Sarah B
The strategic acquisition in Norway is very smart. They're not just building ships, they're buying the tech for the future. Indian companies looking to go global should take notes on this kind of long-term planning.
V
Vikram M
This level of order booking is impressive. With global trade routes shifting, efficient shipping is crucial. Hope some of this business comes to Indian ports for maintenance and servicing. We have the capability.
K
Karthik V
The details about zero-emission solutions and electric propulsion are the real story. The future is green shipping. India's Sagarmala project should prioritize developing these technologies indigenously. Can't always rely on imports.

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