South Korean shipbuilder Hanwha Ocean has secured a significant deal to construct two very large crude carriers (VLCCs) for a shipping company based in Oceania, marking a substantial milestone for the company.
The order, valued at $257.8 million or 342 billion won, signifies a resurgence for Hanwha Ocean, representing its first such order in the past three years. Notably, this deal also marks the highest price for VLCCs in 16 years, since the aftermath of the 2008 global financial crisis, as stated by the company.
Scheduled for construction at the Geoje plant, these vessels are set to be delivered to the respective shipowner in the first and second half of 2026. Moreover, the contract includes provisions for additional agreements, hinting at potential further orders on the horizon, according to Hanwha Ocean.
One standout feature of these ships is their eco-friendly design tailored for crude oil transportation. They will integrate various fuel reduction devices developed by Hanwha Ocean, aiming to minimize carbon emissions and align with sustainability goals. Additionally, an optimized design further enhances their operational efficiency.
This latest development adds to Hanwha Ocean’s successful streak in 2024, with orders totaling approximately $510 million. This includes not only the recently secured VLCCs but also two ultra-large crude oil carriers and two ultra-large ammonia carriers.
Commenting on the strategic approach, an official from Hanwha Ocean highlighted, “We are pursuing a selective order-taking strategy focused on continued profitability based on differentiated VLCC technology and construction experience accumulated over a long period of time, as well as the application of leading eco-friendly technology.”
The significance of Hanwha Ocean’s contribution to the maritime industry is underscored by its track record. Having built 185 out of the 925 ultra-large crude oil carriers currently in operation worldwide, the company holds a dominant position in this segment, reflecting its expertise and trustworthiness in the field.
As the maritime sector navigates challenges such as evolving environmental regulations and shifting market demands, Hanwha Ocean’s commitment to innovation and sustainability stands out. This latest order not only strengthens its market presence but also reinforces its dedication to delivering high-quality vessels tailored to meet the needs of modern shipping.
With the global focus on reducing carbon footprints and embracing greener practices, Hanwha Ocean’s eco-friendly approach positions it as a key player in shaping the future of maritime transportation.
Source: marinelink
