Hanwha Ocean secures four tankers in weeks

Apr 09, 2026, 10:30 am

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Hanwha Ocean Geoje shipyard. / Hanwha Ocean

Hanwha Ocean has secured orders for two very large crude carriers (VLCCs), benefiting from growing global demand for oil tankers.

The company said on April 9 that it signed a contract with an Oceania-based shipowner to build two VLCCs, with a total value of 393.3 billion won.

The latest deal is based on a proven vessel design, which is expected to enhance profitability by improving efficiency in design, procurement, and production processes.

Hanwha Ocean has now secured orders for four VLCCs in just two weeks, reinforcing its competitiveness in the global tanker market.

The surge in orders comes as demand for replacing aging vessels increases worldwide. In addition, geopolitical tensions in the Middle East have highlighted the importance of crude oil transportation, further boosting VLCC demand.

Industry observers say the orders are significant, especially as Chinese shipyards have been expanding their market share through aggressive pricing. Hanwha Ocean’s success is attributed not only to competitive pricing but also to its strengths in quality and delivery reliability.

A company official said Hanwha Ocean would continue its selective order strategy focused on high-value vessels and remain flexible in responding to market volatility.

So far this year, the company has secured orders for a total of 15 vessels—including 10 VLCCs, four LNG carriers, and one wind turbine installation vessel—worth about $2.84 billion.

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