Follow-on order comes one year after first contract

Confidence in technology, project execution cited

Vessels to be delivered through second half of 2029

High-manganese steel LNG fuel tanks among key features

Hanwha Ocean CEO Kim Hee-chul (third from right) and Yang Ming Marine Chairman Tsai Feng-ming (fourth from right) pose with officials from both companies after a contract signing ceremony held recently in Taiwan. [Hanwha Ocean]
Hanwha Ocean CEO Kim Hee-chul (third from right) and Yang Ming Marine Chairman Tsai Feng-ming (fourth from right) pose with officials from both companies after a contract signing ceremony held recently in Taiwan. [Hanwha Ocean]

Hanwha Ocean said Thursday it secured an order from Taiwan's Yang Ming Marine Transport for six 13,650-TEU LNG dual-fuel container ships valued at about 1.55 trillion won ($1.13 billion). The vessels will be built at Hanwha Ocean's Geoje shipyard and delivered sequentially through the second half of 2029.

The order follows Yang Ming Marine's first newbuilding contract with Hanwha Ocean, placed in September last year for seven 15,880-TEU LNG dual-fuel container ships — making this the second major order within roughly a year. Hanwha Ocean said the decision by a leading global carrier to place a large follow-on order at the same shipyard in such a short period reflects accumulated confidence in its design and production capabilities and project management track record.

The vessels will feature a Type-B LNG fuel tank based on high-manganese steel, developed independently by Hanwha Ocean. Compared with conventional nickel alloy steel or aluminum, high-manganese steel offers greater price competitiveness while maintaining superior toughness and strength in cryogenic conditions as low as minus 163 degrees Celsius. Hanwha Ocean also plans to apply its latest hull-form optimization technology to improve fuel efficiency, operational performance and cargo capacity, helping shipowners cut operating costs and meet tightening global environmental regulations.

Hanwha Ocean has been pursuing a selective ordering strategy focused on high-value, eco-friendly vessels, anticipating that major global carriers will concentrate orders at shipyards with proven green technology and stable construction capabilities. The shipbuilder secured orders for three very large gas carriers from an Oceania-based owner on Tuesday, and with this latest contract has booked 2.03 trillion won in orders over just two days. The company said the results reflect its active response to rising newbuilding demand driven by rapid shifts in global shipping and logistics amid the war in the Middle East, and further validate its technological and construction competitiveness.

Yang Ming Marine Chairman Tsai Feng-ming said the contract "demonstrates the shared commitment of both companies to building a strong partnership and a competitive, sustainable fleet," adding that he looks forward to the successful delivery of the vessels and a deepening long-term relationship.

Hanwha Ocean CEO Kim Hee-chul said the follow-on order "once again shows that the trust built through our first project — in Hanwha Ocean's design, production technology and project execution — has translated into another large-scale contract just one year later." He pledged to continue strengthening the company's differentiated eco-friendly technology and quality competitiveness to develop the relationship with Yang Ming Marine into a long-term partnership.


keg@heraldcorp.com