On November 24, Hanwha Ocean announced the signing of a contract with an African shipowner for the construction of four Very Large Crude Carriers (VLCCs). The total order value amounts to 757.7 billion won (approximately $515 million). The cost per vessel is approximately $129 million, with delivery expected by November 2028.
Although Hanwha Ocean has not disclosed its annual order target for 2025, the company’s cumulative order volume this year is growing rapidly. Including the latest contract, Hanwha Ocean has secured orders for 37 new vessels worth approximately $6.97 billion. By vessel type, it includes 17 VLCCs, 6 LNG carriers, 13 container ships, and 1 icebreaking research vessel.
So far this year, Hanwha Ocean has been continuously strengthening its market competitiveness by leveraging its long-accumulated experience and technical expertise in VLCC construction. The company has stated that it will actively respond to global shipowners’ demands by focusing on environmental technologies such as improving fuel efficiency and addressing greenhouse gas emissions.
Recently, global VLCC freight rates have continued to rebound. With a high proportion of aging vessels and growing demand for fleet renewal, coupled with stricter environmental regulations driving a significant preference for newbuilds, the market outlook is expected to remain positive in the near term.