Last Friday (May 29), Hanwha Ocean announced in a regulatory filing that it had signed a contract with a European shipowner for one 174,000 m³ liquefied natural gas (LNG) carrier. The order is valued at 375.9 billion won (approximately $250 million), and the vessel is expected to be delivered to the shipowner by September 2029.
Hanwha Ocean revealed that the order is a follow-on order from a previous client, which has been confirmed to be Norway’s Knutsen OAS Shipping. With this order, the shipowner now has a total of nine LNG carriers on order with Hanwha Ocean. The previous eight vessels of the same type were ordered in December 2025 (seven vessels) and mid-May 2026 (one vessel).
Hanwha Ocean stated that the continued construction of vessels of the same specifications is expected to enhance design, procurement, and production efficiency, while also helping to ensure stable profitability.
Including this order, Hanwha Ocean has secured 20 new ship orders worth $3.7 billion this year, reaching 36.8% of its full-year 2025 order target of $10.05 billion. By vessel type, the orders include 10 Very Large Crude Carriers (VLCCs), 6 LNG carriers, 3 Very Large Ammonia Carriers (VLACs), and 1 wind turbine installation vessel.
As for the shipowner, with the signing of the latest shipbuilding contract, Knutsen OAS Shipping’s fleet of LNG carriers has reached 52 vessels, comprising 40 vessels in operation and 12 under construction. Over the past six months, the company has become one of the most active players in the newbuild market for LNG carriers.
According to financial data recently disclosed by Knutsen OAS Shipping, the nine LNG carriers ordered by the company since late December 2025 have a total project cost of approximately $2.3 billion and will all be built by Hanwha Ocean.