Hanwha Ocean wins $502 mn order for two LNG carriers

(Hanwha Ocean)

South Korean shipbuilder Hanwha Ocean Co. said in a regulatory filing on Wednesday that it has secured an order for two liquefied natural gas (LNG) carriers worth 738.3 billion won ($502.1 million) from an Oceania-based shipowner.

With the latest deal, Hanwha Ocean has won orders this year for a total of five vessels worth about $890 million, including three very large crude carriers (VLCCs) and two LNG carriers.

Compared with last year, when the company secured an order for just one VLCC in January, the order flow has improved from the start of this year, industry observers said.

Hanwha Ocean said that it expects demand for replacing aging vessels to continue over the mid to long term amid tighter environmental regulations and rising demand for fuel efficiency.

It also forecast growing demand for LNG carriers driven by the development of LNG terminals, particularly in the United States.

The company plans to maintain a selective order-taking strategy focused on high value-added large vessels while responding flexibly to market volatility.