Hanwha Ocean Secures $127 Million Order for LPG Carrier from Americas-Based Shipper

Hanwha Ocean Co., the world's third-largest shipbuilder by order backlog, has won a 176.4 billion-won ($127 million) order to build a liquefied petroleum gas (LPG) carrier for a shipping company based in the Americas. The vessel will be constructed at Hanwha Ocean's shipyard in Geoje, South Korea, with delivery scheduled for the first quarter of 2027.

This latest order adds to Hanwha Ocean's impressive performance in 2024. So far this year, the company has secured $3.39 billion worth of orders to build various types of ships, including 12 liquefied natural gas carriers, two very large crude carriers, two ammonia carriers, and one LPG carrier. Hanwha Ocean's total order intake for 2023 amounted to $4.1 billion.

Why this matters: Hanwha Ocean's success in securing significant orders from international clients demonstrates the company's strong position in the global shipbuilding industry. The construction of the LPG carrier for the Americas-based shipper highlights the growing demand for specialized vessels to transport liquefied gases, reflecting the evolving energy terrain and the importance of efficient maritime transportation.

Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, became the shipbuilding arm of the Hanwha Group conglomerate in May 2023. The company's expertise in building a wide range of vessels, including LNG carriers, crude carriers, and ammonia carriers, positions it well to meet the diverse needs of the shipping industry.

In a statement, a Hanwha Ocean spokesperson said, "We are pleased to have won this order for an LPG carrier from our valued client in the Americas. This project showcases our capabilities in delivering high-quality, specialized vessels that meet the specific requirements of our customers."

The construction of the LPG carrier is expected to commence in the coming months at Hanwha Ocean's state-of-the-art shipyard in Geoje. The facility is equipped with advanced technologies and skilled workforce to ensure efficient and timely delivery of the vessel by the first quarter of 2027.

Key Takeaways

• Hanwha Ocean wins $127M order to build LPG carrier for Americas client
• Hanwha Ocean secures $3.39B in orders in 2024, $4.1B total in 2023
• Hanwha Ocean is world's 3rd-largest shipbuilder by order backlog
• Hanwha Ocean's expertise in specialized vessels meets evolving energy needs
• LPG carrier to be built at Hanwha's Geoje shipyard, delivery in Q1 2027