Did Hanwha Ocean Secure a $1.75 Billion Deal for LNG Carriers from Europe?
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Synopsis
In a significant development, Hanwha Ocean has clinched a lucrative contract worth $1.75 billion for seven LNG carriers from a European shipowner. This move not only enhances their portfolio but also showcases their advanced technology in the competitive maritime industry. Dive into the details of this remarkable achievement and its implications for the future of eco-friendly shipping.
Key Takeaways
- Hanwha Ocean has secured a $1.75 billion contract for LNG carriers.
- Annual orders have surpassed last year's record.
- Focus on eco-friendly technology is evident.
- Hanwha Engine is expanding into electric propulsion systems.
- Seam AS acquisition will enhance maritime solutions.
Seoul, Dec 19 (NationPress) Hanwha Ocean announced on Friday that it has successfully obtained a contract valued at 2.59 trillion won ($1.75 billion) to deliver seven liquefied natural gas (LNG) carriers for a European shipowner.
With this recent agreement, Hanwha Ocean has now accumulated orders for 51 vessels totaling $9.83 billion this year, surpassing its yearly target of $8.98 billion achieved last year, as reported by Yonhap news agency.
This year's acquisitions consist of 20 very large crude carriers (VLCCs), 17 container ships, 13 LNG carriers, and one icebreaking research vessel.
Hanwha Ocean stated that this contract indicates a robust trust among European shipowners in the company’s advanced high-pressure LNG engine technology and its potential to minimize carbon emissions.
Additionally, Hanwha Engine has expressed intentions to acquire Seam AS, a Norwegian manufacturer specializing in shipboard electric propulsion systems, marking the first entry of a South Korean firm into the maritime technology sector of Northern Europe.
The marine engine manufacturer part of Hanwha Group has agreed to purchase the complete ownership of the Norwegian company for approximately 290 billion won ($196.6 million).
Located in Avaldsnes, Seam is a prominent innovator of zero-emission maritime solutions, including control software and energy storage systems (ESS) for vessels.
Norway is recognized as a leading adopter of electric propulsion ships, with Seam capturing about 40 percent of the maritime market in Norway.
Hanwha Engine aims to broaden its maritime propulsion offerings through this acquisition, anticipating a rise in demand for environmentally friendly vessels.
In another development, HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE), the shipbuilding subsidiary of HD Hyundai Co., reported on Friday that it has secured an order worth 689.6 billion won ($466.2 million) to construct four container ships for a shipping firm based in Oceania, according to Yonhap news agency.
The construction of these vessels will take place at the shipyard of HD Hyundai Samho Heavy Industries Co., with deliveries expected sequentially by the latter half of 2028, the company confirmed.
With this latest contract, HD KSOE has achieved a total of contracts valued at $17.33 billion for 122 vessels this year, accomplishing 96 percent of its annual order target.
Point of View
It's clear that Hanwha Ocean's recent achievements reflect a broader trend in the maritime industry towards innovative and eco-friendly solutions. Securing a $1.75 billion order amid growing environmental concerns reinforces the company’s commitment to sustainable practices, positioning South Korea as a leader in maritime technology. This development deserves attention not only for its economic implications but also for its potential impact on the global shipping landscape.
NationPress
24/12/2025
Frequently Asked Questions
What is the value of Hanwha Ocean's new order?
Hanwha Ocean has secured an order worth 2.59 trillion won ($1.75 billion) to supply seven LNG carriers.
How many vessels has Hanwha Ocean ordered this year?
So far this year, Hanwha Ocean has secured orders for 51 vessels valued at a total of $9.83 billion.
What is the significance of Hanwha Ocean's LNG technology?
The contract demonstrates strong confidence among European shipowners in Hanwha Ocean's high-pressure LNG engine technology, which aims to reduce carbon emissions.
What acquisition is Hanwha Engine set to make?
Hanwha Engine plans to acquire Seam AS, a Norwegian company specializing in shipboard electric propulsion systems, for around 290 billion won ($196.6 million).
What market share does Seam hold in Norway?
Seam holds approximately 40 percent of Norway's maritime market.
