On October 27, Hanwha Ocean announced its third-quarter 2025 results.
During the reporting period, operating revenue reached KRW 3.0234 trillion (US$2.104 billion), an 11.8% year-on-year increase and an 8% decrease from the previous quarter. Operating profit reached KRW 289.8 billion (US$202 million), a 1032% surge and a 22% decrease from the previous quarter. Net profit reached KRW 269.4 billion (US$187 million), returning to profitability year-on-year.
Hanwha Ocean stated that the primary reasons for the sequential decline in third-quarter operating revenue were: reduced operating days due to summer vacations and the completion phase of certain marine engineering projects, resulting in a temporary drop in quarterly revenue. The main factors behind the sequential decrease in operating profit were: increased fixed cost burdens stemming from lower revenue and one-time expense provisions within the marine engineering division.
Hanwha Ocean noted that its merchant ship division maintained profitability with double-digit operating margins through product portfolio optimization centered on LNG carriers, with LNG carrier revenue accounting for approximately 60% of total revenue. The special ship division sustained robust profitability through stable production of its core ship types.
As revenue from new high-value-added projects secured after 2023 is progressively recognized, Hanwha Ocean expects to maintain stable profitability through 2026.
In the first three quarters of this year, Hanwha Marine recorded cumulative operating revenue of KRW 9.4606 trillion (approximately US 6.584 billion) and operating profit of KRW 920.1 billion (approximately US 640 million), representing year-on-year increases of 26% and 1,235%, respectively.