By Diplomacy Journal Lee Kap-soo

Hanwha Ocean, the shipbuilding affiliate of Korea’s Hanwha Group, has won a 757.7 billion-won (US$515 million) order to construct four very large crude carriers (VLCCs) for an Africa-based shipping company, it announced on Nov. 24.

According to the regulatory filing, the vessels are scheduled for delivery by November 2028. The name of the client has not been disclosed.

With this latest contract, Hanwha Ocean’s order intake for the year has reached US$6.97 billion. The company secured US$8.98 billion in total orders in 2024, demonstrating continued momentum in large-scale shipbuilding projects amid strong demand in the global energy transportation market.

Market watchers note that this contract further reinforces Hanwha Ocean’s competitiveness in the high-value VLCC sector and its expanding presence in emerging maritime regions such as Africa.