Hanwha Ocean tops $10b in ship orders in 2025
Hanwha Ocean announced on Thursday that it has successfully secured $10.05 billion in ship orders for the year 2025, marking a significant milestone as it surpasses the $10 billion threshold for the first time since 2022. The shipbuilder has reported contracts for a total of 52 vessels, which include 20 very large crude carriers (VLCCs), 17 container ships, 13 liquefied natural gas carriers, one icebreaking vessel, and one offshore plant. This achievement underscores Hanwha Ocean’s strategic focus on high-value-added vessels and the favorable external market conditions that have influenced the global shipping industry.
The company’s success can be attributed to various factors, including the tightening of global vessel supply due to geopolitical developments. The second Trump administration’s efforts to restrict China’s shipbuilding capabilities and impose sanctions on Venezuela’s shadow fleet have contributed to a more competitive market landscape. As a result, demand for new vessels has surged, particularly in the VLCC segment, where aging fleets are prompting shipowners to seek replacements. According to British maritime consultancy Clarkson Research, over 40 percent of the 908 VLCCs currently in operation worldwide are more than 15 years old, indicating a pressing need for newer, more efficient vessels.
Future Prospects and Strategic Focus
In addition to its impressive 2025 order book, Hanwha Ocean has already secured its first contract for 2026. The company won an order from a Middle Eastern shipowner for three VLCCs, valued at 572.2 billion won (approximately $388.4 million). This early success highlights the company’s ongoing commitment to expanding its portfolio and maintaining strong relationships with global shipowners.
A company official emphasized the importance of Hanwha Ocean’s accumulated design and construction experience in the VLCC sector, stating, “We have earned continued trust from major global shipowners.” The official also reiterated the company’s strategy of selective order-taking, which focuses on high-value-added vessels while remaining adaptable to changing market conditions. This approach positions Hanwha Ocean to navigate the evolving landscape of the maritime industry effectively.
Hanwha Ocean Makes Maritime History, Delivers its 200th LNG Carrier
As the demand for new vessels continues to grow, Hanwha Ocean is well-positioned to capitalize on emerging opportunities. The company’s strategic focus on high-value segments, combined with its robust technological capabilities, will likely play a crucial role in its future success in the competitive shipbuilding market.
