Hanwha Ocean lands $1.4B for 7 LNG Ships

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Major Contract with Taiwanese Shipping Company

Hanwha Ocean has recently secured a significant order for seven large container ships, valued at approximately 2 trillion Korean won. This contract was signed with Taiwan’s Yang Ming Marine, marking a major development in the company's maritime operations.

On the 17th, Hanwha Ocean announced that it had entered into an agreement with Yang Ming Marine to construct seven container ships with a capacity of 15,880 TEU (Twenty-foot Equivalent Units). These vessels will be powered by LNG (Liquefied Natural Gas) dual-fuel propulsion systems. The total value of the contract is $1.4 billion, which translates to about 1.93 trillion Korean won. The construction of these ships will take place at the Geoje shipyard, with deliveries scheduled to occur sequentially by the first half of 2029.

This deal represents Hanwha Ocean’s second major contract with a Taiwanese company. Earlier, in March, the company also secured a contract from another leading Taiwanese shipping firm, Evergreen Marine, for six ultra-large container ships with a capacity of 24,000 TEU. These ships are also equipped with LNG dual-fuel propulsion and are designed to be eco-friendly.

Taiwan stands out as the only country hosting two of the world's top 10 shipping companies—Evergreen Marine and Yang Ming Marine. Together, these companies hold the fifth-largest market share globally. By forming partnerships with both of these leading firms, Hanwha Ocean has significantly strengthened its presence in the competitive maritime market of Taiwan.

Advanced Features of the New Vessels

The newly ordered container ships are among the largest in the industry, capable of transporting 15,880 twenty-foot containers simultaneously. These vessels are equipped with LNG dual-fuel propulsion engines as standard. Additionally, they are built with “Ammonia Ready” specifications, which means they can be retrofitted to run on ammonia fuel in the future.

“Ammonia Ready” indicates that while these ships do not currently use ammonia as fuel, their design allows for future conversion to ammonia-powered vessels. The engines and fuel supply systems are constructed with specifications that ensure compatibility with ammonia fuel, preparing them for upcoming carbon neutrality regulations.

Technological Innovations

Hanwha Ocean has incorporated its core technologies into these new vessels. One notable innovation is the LNG fuel tanks, which are capable of withstanding 1.0 bar of pressure. This is a world-first achievement, as conventional fuel tanks typically withstand around 0.7 bar. Increasing the pressure allows for longer and safer storage of LNG vaporized gas, enhancing the efficiency and reliability of the ships.

These advancements highlight Hanwha Ocean’s commitment to innovation and sustainability in the maritime industry. With the growing emphasis on reducing carbon emissions, the company is positioning itself as a leader in developing environmentally friendly shipping solutions.

By securing contracts with both Evergreen Marine and Yang Ming Marine, Hanwha Ocean is not only expanding its business but also contributing to the global shift towards greener and more sustainable shipping practices. The company's focus on cutting-edge technology and eco-friendly designs ensures that it remains at the forefront of the industry as it navigates the challenges and opportunities of the future.

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