Hanwha Ocean has secured a contract worth around $500 million to build LNG carriers for an African shipowner, strengthening its orderbook in the growing liquefied natural gas shipping market.
The contract covers the construction of LNG carriers and adds to Hanwha Ocean’s portfolio of orders for specialised vessels. The shipbuilder is expected to deliver the vessels in line with the agreed construction schedule.
The latest order highlights continued demand for LNG carriers as global LNG trade expands and shipowners invest in additional transportation capacity. LNG carriers are designed to transport liquefied natural gas at extremely low temperatures and require advanced technology and specialised containment systems.
South Korean shipbuilders have maintained a strong position in the global LNG carrier market, supported by their expertise in building large and technologically advanced gas carriers. Hanwha Ocean has been expanding its presence in the sector through orders from international shipowners.
The contract also reflects continued investment by African shipping interests in modern vessels as energy transportation requirements evolve. Rising LNG trade between major producing and consuming markets is supporting demand for new tonnage.
For Hanwha Ocean, the order provides additional visibility for its shipbuilding operations and contributes to its broader strategy of securing high-value vessel contracts.
The company continues to target LNG carriers and other high-value specialised vessels as part of efforts to strengthen its orderbook and improve its position in the global shipbuilding market.