Hanwha Ocean (042660.KS) announced Wednesday that it has secured an order for two Very Large Crude Carriers (VLCCs) from an Oceania-based shipowner. The contract is valued at 393.3 billion won ($283 million).
"This contract is based on a 'repeat design' for which we have existing construction records, ensuring efficiency across design, material procurement, and production processes, while also contributing to expanded profitability," Hanwha Ocean said.
As Middle East tensions accelerate the global race to secure oil tankers, Hanwha Ocean has won orders for four VLCCs in the past two weeks alone. The company explained this is the result of differentiation in quality and delivery schedules as well as pricing, even as Chinese shipyards expand their market share through price competitiveness.
Hanwha Ocean plans to continue its selective ordering strategy focused on high-value-added large vessels in response to market conditions, while flexibly adapting to market volatility. So far this year, the company has recorded orders totaling approximately $2.84 billion (about 4.2 trillion won) for 15 vessels, including 10 VLCCs, four liquefied natural gas (LNG) carriers, and one wind turbine installation vessel (WTIV).