Hanwha Ocean on track to get 4 VLCCs worth $512 million

Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) is expected to sign a contract with a Norwegian shipping investor for the construction of four 300,000 dwt environmentally friendly Very Large Crude Carriers (VLCCs), according to Korean media reports.

Norwegian businessman Kjell Inge Rokke is expected to order up to four new VLCCs with options at Hanwha Ocean, the report said. The two parties will sign a letter of intent (LOI) for construction shortly to finalize the order.

The VLCC focuses on improving fuel efficiency; is equipped with scrubbers to address environmental concerns and improve profitability by reducing fuel costs; and is equipped with an advanced navigation system for long-distance voyages. The expected cost of a single vessel is between US$127 million ( about RMB 914 million) and US$128 million (between RMB 921 million). The total order value for the four vessels is between US$508 million ( about RMB 3,654 million) and US$512 million ( about RMB 3,683 million).

Sources said the shipowner had proposed delivery of the two new ships in the second half of 2026, but Hanwha Ocean reportedly sought to set delivery dates for July and October 2027.

In 1982, Kjell Inge Rokke marked his formal entry into the shipping business with the purchase of a 69-foot (21-meter) trawler from the U.S., and is now chairman and largest shareholder in the Norwegian shipyard Aker Yards ASA. The Norwegian shipowner’s decision to order a VLCC comes at a time when Norwegian shipowners are in the midst of a boom for large tankers.

Clarkson data shows that there are currently 947 VLCCs in operation globally, of which 185 are built by Hanwha Ocean.

Hanwha Ocean said, “To date, the company has not signed a contract with this Norwegian shipowner.”

Yangzijiang Shipbuilding

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