Hanwha Ocean Co., the shipbuilding arm of South Korea’s chemical-to-defense conglomerate Hanwha Group, said Tuesday it has secured a 375.3 billion-won (US$255 million) order to build two very large crude carriers (VLCCs) for a client in the Oceania region.
The two VLCCs are scheduled to be delivered to the unidentified shipping company by December 2028, Hanwha Ocean said in a regulatory filing.
VLCC freight rates have recently risen as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have increased oil production and exports, industry officials said.
In addition, replacement demand for aging VLCCs is expected to further support the market, they said.
OPEC+ includes eight countries: Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates.
With the latest order, Hanwha Ocean has secured US$7.96 billion worth of vessel contracts so far this year.
Source: YonhapNewsAgency