Hanwha Ocean wins $125.5 mn order for VLAC

Due to the continued rise in ammonia carrier prices, the company expects better sales performance

Hanwha Ocean's Geoje shipyard
Hanwha Ocean's Geoje shipyard
Jae-Fu Kim 1
2023-11-27 15:51:40 hu@hankyung.com
Shipping & Shipbuilding

South Korea's Hanwha Ocean Co. announced on Monday that it secured an order for one very large ammonia carrier (VLAC) from a shipowner in Oceania for 163 billion won.

The vessel is scheduled to be delivered to the shipowner in the second half of 2026.

According to Hanwha Ocean, the price for the vessel in this order, when converted into dollars, is $125.5 million per ship. Given the continued increase in the prices of ammonia carriers, this is expected to have a positive impact on the company's performance. The VLACs ordered by Hanwha Ocean on Nov. 14 were priced at $124.6 million per ship.

With a focus on a selective ordering strategy, Hanwha Ocean has so far secured orders for a total of 16 vessels, including five liquefied natural gas (LNG) carriers, five ammonia carriers, and six special ships, reaching a total value of $3 billion and achieving 43% of this year's target.

"As demand for ammonia, a representative eco-friendly fuel, increases, the orders for ammonia carriers are also on the rise," a Hanwha Ocean source said. "Our company, equipped with relevant technological capabilities, is expected to benefit from this trend."

Write to Jae-Fu Kim at hu@hankyung.com
#Hanwha Ocean #very large ammonia carrier #VLAC #Geoje shipyard

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