Hanwha Ocean signs 356.8 billion won contract to build two VLCCs for Bermuda shipowner

[Financial News] Hanwha Ocean secured an order from a shipowner in Bermuda for two very large crude carriers (VLCCs). The contract is worth 356.8 billion won, equivalent to 2.8% of last year's consolidated revenue. In a filing on the 30th, Hanwha Ocean disclosed that it had signed a contract with a shipowner in Bermuda to build two VLCCs.
The contract is worth 356.8 billion won (356.8 million dollars). This is equivalent to 2.8% of Hanwha Ocean's 2025 consolidated revenue of 12.7835 trillion won. The contract period runs from the 29th through September 30, 2030.
The contract is structured as a construction order. It includes a contract deposit and an advance payment, with payments to be received as work progresses. The arrangement allows payments to be secured in stages as ship construction proceeds.
The contract value was calculated using the benchmark exchange rate of 1,336.30 won per dollar on the 29th, the date the contract was signed. The company said that the contract period and final settlement amount could change as work progresses.
This order adds to Hanwha Ocean's order intake in its commercial vessel business. However, since the contract is worth 2.8% of recent revenue, its significance lies not only in the value of this single order but also in securing future shipbuilding volume and a basis for revenue recognition.

[email protected] Kang Jung-mo Reporter