Hanwha Ocean stock secures 356.8 billion won VLCC order
Published on 11/13/2026 at 01:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSHanwha Ocean expands tanker backlog
- Hanwha Ocean signed a 356.8 billion won contract for two very large crude carriers.
- The vessels are scheduled for delivery in the second half of 2030 from the Geoje shipyard.
- The order lifts the company's 2026 newbuilding tally to 44 vessels worth about 8.11 billion US dollars.
Hanwha Ocean secured a 356.8 billion won contract for two very large crude carriers, according to East Asia Brief. The shipbuilder signed the agreement on October 29, 2026, and disclosed it on October 30. The buyer was identified only as a Bermuda-based shipowner.
Order secures capacity through 2030
The contract covers two crude tankers and allocates construction capacity at Hanwha Ocean's Geoje shipyard in South Korea. Both vessels are scheduled for delivery during the second half of 2030, with the formal contract period ending on September 30, 2030.
The order is worth about 178.4 billion won per vessel. The payment schedule includes an initial down payment and further installments linked to construction milestones. The regulatory disclosure did not name the buyer or provide details on charter arrangements or propulsion systems.
Backlog provides longer visibility
The contract brings Hanwha Ocean's 2026 newbuilding tally to 44 vessels with a combined value of roughly 8.11 billion US dollars. The order mix includes crude carriers, liquefied natural gas tankers, containerships, ammonia carriers, gas carriers and an offshore wind installation vessel.
East Asia Brief reported that Hanwha Ocean's third-quarter order backlog stood at 36.22 billion US dollars on October 27. The backlog represents roughly three years of production across its active shipbuilding berths, supporting visibility for future yard utilization.
What the contract means
The VLCC award adds tanker work to a production schedule that has also been focused on LNG carriers. Crude carriers use different construction requirements from gas carriers, allowing the yard to balance dry-dock capacity across vessel types.
For investors, the contract extends revenue visibility into the next decade but does not by itself establish the timing or margin of future earnings. Profit recognition will depend on construction progress, milestone payments, costs and delivery execution.
Hanwha Ocean's business
Hanwha Ocean is a South Korean shipbuilder whose disclosed order mix spans crude carriers, LNG tankers, containerships, ammonia carriers, gas carriers and offshore wind installation vessels. Its main construction base referenced in the report is the Geoje shipyard in South Korea. The company competes for large-vessel contracts with Korean and Chinese shipyards, including HD Hyundai in the broader South Korean shipbuilding market.
South Korean equities trade against the backdrop of the KOSPI market.
