As the global shipbuilding industry enters a supercycle, Hanwha Ocean—one of South Korea’s three major shipbuilders—maintains full-capacity operations fueled by a steady stream of orders.
Hanwha Ocean recently disclosed that its shipyards achieved a capacity utilization rate of 101.1% in the third quarter of 2025. Capacity utilization rate is an indicator measuring the ratio of an enterprise’s actual output to its existing production capacity, reflecting the operational activity and efficiency of equipment or facilities.
A utilization rate exceeding 100% indicates that actual working hours have been extended beyond regular schedules through overtime during holidays or night shifts. In other words, this figure demonstrates that Hanwha Ocean currently holds a robust order backlog, with production facilities such as shipyards and human resources operating at full capacity.
As of the first half of this year, Hanwha Ocean’s shipyards operated at a capacity utilization rate of 102.5%, indicating that its dry docks remained nearly fully occupied throughout the year.
Although it has not disclosed its annual order target, Hanwha Ocean has secured orders for 32 vessels this year, totaling approximately $6.32 billion. The portfolio includes 13 container ships, 6 LNG carriers, 12 very large crude carriers (VLCCs) and 1 icebreaking research vessel.
In the three major business sectors of merchant ships, offshore and special vessels, and Engineering & Installation (factory and wind power), Hanwha Ocean recorded cumulative production values of KRW 7.8143 trillion, KRW 688.6 billion, and KRW 492.4 billion respectively for the first three quarters of this year. By business segment, merchant ship products contributed significantly to revenue, accounting for 83% of the total, driven by projects such as LNG carriers.
Hanwha Ocean recorded third-quarter revenue of KRW 3.0234 trillion and operating profit of KRW 289.8 billion, marking year-on-year increases of 12% and 132%, respectively, driven by expanded revenue from high-value-added vessels such as LNG carriers and specialized ships.
Hanwha Ocean stated: “To enhance profitability and reduce operational risks, we are focusing our efforts on securing orders for high-value-added ships such as LNG carriers and very large gas carriers.”