Hanwha Ocean secures $255 million VLCC order for Oceania

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Published: 02 Dec. 2025, 14:14 Updated: 02 Dec. 2025, 14:36

Hanwha Ocean's Geoje shipyard in South Gyeongsang is seen on Nov. 27. [YONHAP]

Hanwha Ocean, the shipbuilding arm of Korea's chemical-to-defense Hanwha Group, said on Tuesday that it has secured an order worth 375.3 billion won ($255 million) to build two very large crude carriers (VLCCs) for a client in Oceania.

The two VLCCs are scheduled to be delivered to the unidentified shipping company by December 2028, Hanwha Ocean said in a regulatory filing.

VLCC freight rates have recently risen as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have increased oil production and exports, industry sources said.

In addition, replacement demand for aging VLCCs is expected to further support the market, they said.

OPEC+ includes eight countries: Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates.

With the latest order, Hanwha Ocean has secured $7.96 billion worth of vessel contracts so far this year.

Yonhap