Hanwha Ocean has won a large-scale order worth more than 1.5 trillion won  from Taiwan’s Yang Ming Marine Transport, underscoring its competitiveness in the eco-friendly vessel market. The follow-up order, secured just one year after the two companies began their first transaction, is expected to lay the groundwork for a long-term partnership.

Hanwha Ocean said on Sept. 3 that it had signed a shipbuilding contract with Taiwan’s Yang Ming Marine Transport for six 13,650-TEU liquefied natural gas (LNG) dual-fuel container ships. The total contract value stands at about 1.55 trillion won, equivalent to 12.1% of Hanwha Ocean’s consolidated revenue last year. Construction of the vessels will begin at the company’s Geoje shipyard, with deliveries scheduled to be made sequentially through the second half of 2029.

The vessels will be equipped with Hanwha Ocean’s in-house-developed “high-manganese steel-based Type-B LNG fuel tank.” High-manganese steel is a specialized material capable of maintaining its strength and toughness even at cryogenic temperatures as low as minus 163 degrees Celsius. It also offers greater cost competitiveness than conventional nickel alloy steel or aluminum. Hanwha Ocean plans to secure both the safety and cost efficiency of the fuel tanks while applying its latest hull-form optimization technology to maximize fuel efficiency and cargo-loading efficiency.

The latest contract with Yang Ming comes one year after the Taiwanese shipping line ordered seven 15,880-TEU LNG dual-fuel container ships in September last year. Kim Hee-chul, CEO of Hanwha Ocean, said, “Trust in our design and production technology and project execution capabilities, as demonstrated through the first project, led to this large-scale follow-up order,” and emphasized the company’s commitment to continuously strengthening its differentiated quality competitiveness. Yang Ming Marine Transport Chairman Tsai Feng-ming said the contract demonstrates the solid partnership between the two companies and their commitment to building a sustainable fleet.

The contract follows Hanwha Ocean’s order on Sept. 1 for three very large gas carriers (VLGCs) worth 477.8 billion won from a shipowner in Oceania, bringing the company’s total order intake over the two days to 2.03 trillion won. The orders come as the global container ship market is being reshaped by tighter environmental regulations from the International Maritime Organization (IMO), with demand shifting toward the replacement of aging vessels and more eco-friendly fleets.

So far this year, Hanwha Ocean has recorded orders for a total of 38 vessels, including 17 very large crude carriers (VLCCs), six LNG carriers and six container ships. Its cumulative order value has reached approximately $7.07 billion. Hanwha Ocean plans to continue its selective order strategy centered on high-value-added and eco-friendly vessels with strong profitability, while further strengthening its market position.

Source:Business Korea