On July 27, Hanwha Ocean released its second-quarter earnings report; driven by the progressive entry into operation of LNG carriers and other large-scale projects, alongside substantial revenue from the delivery of offshore projects, the company’s operating profit for the quarter nearly doubled year-on-year.
Hanwha Ocean reported an operating profit of 736.1 billion won (approximately $500 million) in the second quarter, according to regulatory filings, marking a 98% increase from the same period last year. Revenue reached 5.44 trillion won, up 65.2% year-over-year, while net income stood at 692.6 billion won, a 366.4% increase from the previous year.
In the first half of 2026, Hanwha Ocean reported revenue of 8.65 trillion won, up 34% from the same period last year, and operating profit of 1.18 trillion won, up 87% year-over-year.
Hanwha Ocean stated that the significant revenue growth was driven by a steady production pace, improved operational efficiency, and an increase in vessel deliveries, with high-value-added LNG carriers making a notable contribution. Additionally, the delivery of offshore projects added approximately 1.5 trillion won to the company’s revenue. Profitability also improved, bolstered by the combined effects of rising ship prices, favorable exchange rates, lower raw material costs, and enhanced production efficiency.
As of the end of June, Hanwha Ocean had secured new orders totaling $4.35 billion, comprising six LNG carriers, 15 very large crude carriers (VLCCs), three very large ammonia carriers, and one offshore wind turbine installation vessel.
Jang Yeon-seong, CFO of Hanwha Ocean, stated that although the company was unsuccessful in the bid for the Canadian submarine project, the bidding process effectively demonstrated its submarine technology. Moving forward, the company plans to leverage the experience gained from this bid to pursue new business opportunities in Greece, Thailand, the Middle East, and South America.