Hanwha Ocean announced a contract to build two liquefied natural gas (LNG) carriers for an African shipowner. The order is valued at approximately 680 billion won (about $500 million); based on this figure, the cost per vessel is approximately $250 million, and delivery is expected by November 2029.
With the securing of this order, Hanwha Ocean’s total new shipbuilding contracts for September reached 2.8918 trillion won (approximately $2.130 billion). The other two contracts involved six 13,650 TEU LNG dual-fuel container ships for Yang Ming Marine Transport and three very large gas carriers (VLGCs) for the gas carrier owner and operator Dorian LPG.
Hanwha Ocean has not disclosed the identity of the owner for the two latest LNG carriers; however, market sources indicate that the order is linked to Zodiac Maritime—a UK-based shipping company controlled by Israeli shipping magnate Eyal Ofer—and includes options for two additional vessels.
As a diversified private shipowner, the finalization of this order marks Zodiac Maritime’s first foray into the LNG carrier sector and deepens its partnership with Hanwha Ocean in the newbuilding sector. In May 2026, Zodiac Maritime placed an order with Hanwha Ocean for three Very Large Ammonia Carriers (VLACs), with options for two additional vessels. If all options are exercised, deliveries will continue through January 2030.
With the latest orders included, Hanwha Ocean has secured contracts for 41 new vessels valued at $7.71 billion so far this year. By vessel type, the orders comprise 18 very large crude carriers (VLCCs), 8 LNG carriers, 6 container ships, 3 very large ammonia carriers (VLACs), 3 very large gas carriers (VLGCs), 1 wind turbine installation vessel, 1 special-purpose vessel, and 1 onshore plant.
Although Hanwha Ocean has seen a continued positive trend in order intake this year, severe labor disputes—and the resulting ongoing partial strikes—have emerged as critical risk factors for the shipbuilder.
Following a failure to reach a consensus during labor-management negotiations, the company’s union staged a seven-hour strike on September 14; subsequently, on September 18, operations were halted for all four of Hanwha Ocean’s core gantry cranes—vital facilities for the shipyard’s operations. Both sides plan to resume negotiations on September 29, and the South Korean shipbuilding industry is closely watching to see if an agreement can be reached.
Source: iMarine