On January 21, Hanwha Ocean announced that it had signed a contract with a shipowner in the Oceania region for the construction of two liquefied natural gas (LNG) carriers. The total order value stands at 738.3 billion won (approximately $498.8 million), with each vessel costing about $249.4 million. The vessels are expected to be delivered to the shipowner before June 2029.
With the announcement of its latest order, Hanwha Ocean has secured five new shipbuilding contracts this year, valued at approximately $890 million. By vessel type, these include two LNG carriers and three very large crude carriers (VLCCs).
The VLCC orders were placed by Oman’s state-owned shipping company Asyad Shipping, with a total construction cost of approximately $388.5 million. Delivery is scheduled between 2028 and 2029. The order comprises two specifications: one 300,000 DWT VLCC priced at $129.5 million each, scheduled for delivery by late 2028; and two 320,000 DWT VLCCs priced at $128 million each, expected to be delivered by mid-2030.
Compared to securing only one VLCC order in January 2025, Hanwha Ocean’s order volume for the same period in 2026 has increased significantly, indicating a sustained improvement in order trends since the beginning of the year.
Although recent deliveries of large LNG carriers have led to weak short-term charter rates, the demand for replacing aging vessels is expected to persist over the medium to long term due to stricter environmental regulations and fuel efficiency requirements.
Furthermore, centered around the United States, several LNG terminal development projects are being planned for after 2028, and the demand for new LNG carriers is expected to continue to grow.
A Hanwha Ocean representative stated: “In the current market environment, the company will respond flexibly to market fluctuations while maintaining its order selection strategy centered on high-value-added vessels.”