Hanwha Ocean received orders for two ultra-large crude oil carriers for the first time in three years.
Hanwha Ocean received a $256 million order for two Very Large Crude-oil Carriers (VLCC) from a shipowner in Oceania. This is the highest price in 16 years since the 2008 global financial crisis. This order is seen as a victory for the company's selective order-taking strategy, focusing on continuous high-profit products.
These ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026, respectively. Additionally, this contract includes an option to sign additional contracts, so additional orders are expected in the future.
This ship is an eco-friendly crude oil carrier that minimizes carbon emissions by applying various fuel reduction devices developed by Hanwha Ocean and an optimized line.
An official from Hanwha Ocean said, “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. Through this, we will do our best to normalize management.”
The market is slowly recovering, with three ultra-large crude oil carriers ordered in 2022, but 18 ships ordered in 2023. In addition, there are only 23 ships remaining on orders worldwide. Hanwha Ocean, which has an overwhelming competitiveness and construction performance in this field, is expected to benefit in the future. Hanwha Ocean has built 185 of the 925 ultra-large crude oil carriers currently in operation around the world, the largest number.
According to the new ship price standards recently compiled by Clarkson, a global shipbuilding and shipping research institute, the price of ultra-large crude oil carriers has risen by more than 40% in the three years since 2021. Ultra-large crude oil carriers are emerging as a new high-profit ship type along with LNG carriers and ammonia carriers.
Meanwhile, Hanwha Ocean received orders for a total of four vessels worth about $510 million this year, including two ultra-large crude oil carriers and two ultra-large ammonia carriers.
