[Yonhap News Agency/ July 1, 2024] Hanwha Ocean has clinched a significant deal, securing orders totaling over 2 trillion won for liquefied natural gas (LNG) carriers and very large crude oil carriers (VLCCs).

The South Korean firm announced on January 1 that it finalized eight construction contracts with two shipping companies from the Middle East, encompassing four LNG carriers and four VLCCs.

These contracts amount to 2.157 trillion won in total.

Including this contract, Hanwha Ocean has secured orders totaling $5.33 billion so far this year, comprising 16 LNG carriers, 7 VLCCs, 2 very large ammonia carriers powered by ammonia fuel cell (VLACs), 1 very large gas carrier (VLGC), and 1 marine facility. This amount exceeds last year's annual order total of $3.52 billion.

Hanwha Ocean's success in the VLCC market, which has seen a recent recovery, underscores its competitive edge in the industry.

The company reported a surge in orders, with 37 VLCCs ordered as of the end of May this year, up from 3 in 2022 and 18 in 2023. Hanwha Ocean has constructed 185 of the 919 VLCCs currently in operation globally.

Looking ahead, Hanwha Ocean anticipates building 24 LNG carriers next year, following the completion of 22 this year, marking the highest number in recent times. The company remains optimistic about future prospects, particularly in the growing LNG and VLCC sectors.