On August 31, South Korea’s SK Oceanplant announced a contract with a Greek shipowner to build six firm and two optional 115,000 DWT Aframax oil tankers. The total order value is approximately KRW 800 billion (about $572.8 million), translating to a unit price of roughly $71.6 million. These vessels will be constructed at SK Oceanplant’s Goseong shipyard, with deliveries scheduled between 2029 and June 2030.
This Aframax tanker order is highly significant for SK Oceanplant; it marks not only the company’s first newbuild contract with this specific Greek shipowner but also its largest commercial shipbuilding order in recent years.
In terms of value, the contract is crucial for the company: the initial six firm orders are valued at approximately $430 million, representing about 61.4% of the company’s 2025 revenue (KRW 965.4 billion or roughly $700 million).
It is understood that SK Oceanplant previously had experience building small- and medium-sized chemical tankers, having delivered a 6,600 DWT chemical tanker and a 3,990 DWT chemical tanker between 2018 and 2020, after which it shifted its business focus to the offshore wind power and offshore structural engineering sectors.
However, the company has not abandoned small commercial vessel orders and has clearly expressed its intention to expand its commercial shipbuilding business.
In December 2025, SK Oceanplant marked its return to the commercial shipbuilding sector by securing an order from KTS Shipping for two 6,800 DWT methanol dual-fuel chemical/product tankers—scheduled for delivery in May 2028 with a total value of KRW 60 billion (approximately USD 41.15 million)—followed by a contract in July 2026 with a South Korean shipowner for two 6,800 DWT stainless steel chemical tankers valued at KRW 71.8 billion (approximately $52.50 million).
The securing of this order for Aframax tankers further strengthens SK Oceanplant’s momentum in its return to the commercial shipbuilding market.
Notably, as SK Oceanplant announces the securing of a major commercial vessel order, the company is also undergoing a change in ownership: the private equity firm Diocean Asset Management is set to become its largest shareholder.
On August 31, filings with South Korea’s Financial Supervisory Service (FSS) revealed that Diocean Asset Management had signed a share purchase agreement with SK Ecoplant. Under the deal, Diocean will acquire SK Ecoplant’s entire stake in SK Oceanplant—representing a 35.62% shareholding—for approximately 410 billion won (about US$300 million). The transaction involves 22.26 million shares and is expected to close by the end of the year; Osung Advanced Materials is participating in the acquisition as a co-investor.
Records indicate that the Goseong shipyard, now part of SK Oceanplant, originated as Samkang M&T (established in 1996). In 2022, SK Ecoplant—a subsidiary of South Korea’s SK Group—acquired the company for approximately KRW 460 billion, subsequently renaming it SK Oceanplant. Later, amidst SK Group’s business restructuring, the company was put up for sale.
SK Oceanplant’s current business portfolio spans offshore wind power equipment, commercial shipbuilding, and the manufacture of thick-walled steel pipes. It is a leading player in the South Korean offshore wind foundation sector and possesses capabilities in constructing small-to-medium-sized eco-friendly vessels and specialized ships.
In 2025, SK Oceanplant’s offshore wind foundation business generated KRW 325.6 billion (approximately $240 million) in revenue, accounting for roughly one-third of its total revenue; the company’s new owner has stated that it will continue to invest in this sector.