Hanwha Ocean wins 356.8 billion won VLCC order

Published on 11/01/2026 at 00:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hanwha Ocean stock gains a new tanker contract worth 356.8 billion won. The vessels are due for delivery by late 2030.

Order expands tanker backlog

Hanwha Ocean will build two very large crude carriers for a Bermuda-based shipowner at its Geoje shipyard.
The new contract adds to a backlog spanning crude carriers, gas carriers, container ships, naval vessels and an offshore plant.
Delivery is scheduled for the second half of 2030, keeping execution and margin discipline central for investors.

Hanwha Ocean, KR7042660001, Illustration mit AI erstellt.

Hanwha Ocean said on Friday, October 30, 2026, that it had won an order for two very large crude carriers from a shipowner based in Bermuda. The contract is worth 356.8 billion South Korean won, according to Seoul Economic Daily.

Tanker order strengthens backlog

The vessels will be built at Hanwha Ocean's Geoje shipyard and delivered by the second half of 2030. The order adds to a 44-vessel backlog worth 8.11 billion US dollars, or about 10.85 trillion South Korean won, the report said.

Very large crude carriers account for 21 ships in the backlog. The remaining mix includes eight liquefied natural gas carriers, six container ships, three very large ammonia carriers, three very large gas carriers, one naval vessel and one onshore plant.

Execution remains the next test

The contract gives Hanwha Ocean additional long-cycle work in crude shipping, but delivery timing leaves revenue recognition spread over several years. For investors, project execution, material costs and the conversion of contracted work into cash flow remain key factors alongside new order intake.

The announcement adds to a broader commercial shipbuilding portfolio rather than representing a short-term earnings measure. The backlog composition also leaves the company exposed to conditions in tanker, gas shipping and defense markets.

Hanwha Ocean is a South Korean shipbuilder serving commercial shipping and naval programs from its Geoje operations. Its disclosed order book includes crude carriers, LNG carriers, container ships, ammonia carriers, gas carriers, naval vessels and offshore-related assets.