On May 4, Hanwha Ocean announced that it had signed a contract with an African shipowner to build three Very Large Ammonia Carriers (VLACs). The total value of the order is 507.4 billion won (approximately $367 million), with each vessel costing about $122 million.
With the addition of these three latest vessels, Hanwha Ocean has now secured orders for a total of 10 liquid ammonia carriers. According to market sources, the shipowner behind this order is Zodiac Maritime, owned by Israeli shipping magnate Eyal Ofer.
As early as 2022, Hanwha Ocean secured Approval in Principle (AiP) for liquid ammonia carriers from Bureau Veritas (BV) and Lloyd’s Register (LR), and has continued to develop zero-carbon shipbuilding technologies. In 2025, Hanwha Ocean partnered with the Korean Register of Shipping (KR) to begin developing a 150,000 m³-class liquid ammonia carrier, proactively scaling up vessel sizes to prepare for future growth in ammonia transport demand.
Including the latest orders, Hanwha Ocean has secured orders for 18 new vessels this year, with a total value of approximately $3.2 billion. By vessel type, the orders include 10 Very Large Crude Carriers (VLCCs), 4 liquefied natural gas (LNG) carriers, 3 VLACs, and 1 wind turbine installation vessel.
Due to reduced exports resulting from the conflict in the Middle East, short-term uncertainty in the global VLAC market has recently intensified; however, overall cargo volumes have remained stable thanks to increased exports from the United States and other regions.
An official from Hanwha Ocean stated, “We are continuously pursuing a selective order-taking strategy centered on high-value, eco-friendly vessels, while flexibly responding to market fluctuations.”