Hanwha Ocean (042660) said Monday it signed a contract to build three VLGCs (Very Large Gas Carriers) for a shipowner it identifies only by region, "Oceania," worth KRW 477.8bn (about $347m).
The contract, dated August 31, runs through a scheduled completion of December 6, 2030, a build of more than four years typical for large gas carriers. Hanwha Ocean's filing confirms the deal includes an advance or down payment, with the remainder billed against construction progress, and notes both the value and final settlement amount may still change before delivery.
The order lands three weeks after Hanwha Ocean disclosed a KRW 527.9bn LNG power-plant contract with its own group affiliate, Yeosu Eco Energy, which the company separately identified by name. This VLGC order, by contrast, never names the buyer at all — the filing's disclosure-hold fields for a reason and release date are both blank, meaning no name is coming later either.
The KRW 477.8bn contract equals 3.7% of Hanwha Ocean's FY2025 consolidated revenue of KRW 12.78tn, a ratio the company stated directly, and about 1.8% of its current KRW 26.93tn market capitalization.
Hanwha Ocean (042660) gave no other detail on the buyer or the vessels' end use.
Work is due to run from August 31, 2026 to December 6, 2030.
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| Symbol | Last Price |
|---|---|
| 042660Hanwha Ocean Co., Ltd. | ₩86,800 +0.3% |