Hanwha Ocean wins $1.75 billion order for 7 LNG carriers from Europe

Seoul, Dec 19 Hanwha Ocean said on Friday it has secured an order worth 2.59 trillion won ($1.75 billion) to supply seven liquefied natural gas (LNG) carriers for a European shipowner.

With the latest deal, Hanwha Ocean has secured orders for 51 vessels worth a combined $9.83 billion so far this year, exceeding its annual order of $8.98 billion recorded last year, reports Yonhap news agency.

This year's deals include 20 very large crude carriers (VLCCs), 17 container ships, 13 LNG carriers and one icebreaking research vessel.

Hanwha Ocean said the contract reflects strong confidence among European shipowners in the company's high-pressure LNG engine technology and its ability to reduce carbon emissions.

Also, Hanwha Engine said it will acquire Seam AS, a Norwegian shipboard electric propulsion systems maker, becoming the first South Korean company to enter the maritime technology market in Northern Europe.

The marine engine producer under Hanwha Group has agreed to acquire the entire stake in the Norwegian firm for around 290 billion won ($196.6 million), the company said.

Based in Avaldsnes, Seam is a leading developer of zero-emission maritime solutions, such as control software and energy storage systems (ESS) for ships.

Norway is considered one of the most active adopters of electric propulsion ships, and Seam holds around a 40 percent share in Norway's maritime market.

Hanwha Engine said it plans to expand the scope of maritime propulsion solutions provided by the company through the acquisition and prepare for growing demand for eco-friendly vessels.

Meanwhile, HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE), the shipbuilding subholding company of HD Hyundai Co., said on Friday it has won an order worth 689.6 billion won (US$466.2 million) to supply four container ships for an Oceania-based shipping company, according to Yonhap news agency.

The vessels will be built at the shipyard of HD Hyundai Samho Heavy Industries Co., with deliveries to be made sequentially by the second half of 2028, the company said.

With the latest order, HD KSOE has won contracts worth a combined $17.33 billion for 122 vessels so far this year, reaching 96 percent of its annual order target.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor