South Korean shipbuilder wins $1.8 billion contract for 8 LNG vessels

Korean shipbuilding major Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, has received a construction order for eight liquefied natural gas (LNG) vessels from an undisclosed shipowner.

Under the KRW 2.4 trillion (approximately $1.8 billion) contract signed on March 24, 2024, the company will build eight LNG vessels scheduled for delivery until January 31, 2028.

Hanwha has not revealed the client’s name or the location where the vessel will be built, but did state that the company is a shipowner from the Oceania region.

In terms of recently secured orders, it was reported on March 25 that the Korean shipbuilder has recently been hired by QatarEnergy to build eight of the 25 LNG vessels under the Qatari player’s historic fleet expansion program.

The shipbuilding giant has recently joined forces with BV to develop a 270,000 cubic meter (cbm) LNG carrier and has secured a $256 million deal to build four very large crude carriers (VLCCs), which is the highest price for vessels since the 2008 global financial crisis.

Earlier this month, following the acquisition of the marine engine company HSD Engine, the Korean shipbuilder also launched a new division, Hanwha Engine, to build eco-friendly fuel engines.