The Korea shipbuilding industry is on a roll. Hanwha Ocean secured a new client by winning a contract worth 2,328.6 billion won from Evergreen Marine Corp. of Taiwan, one of the world’s largest shipping companies.
With the singing of the latest contract, Hanwha Ocean plans to forge a long-term business relationship with the Taiwanese company.
Business sources said on March 17 that Hanwha Ocean was awarded with the order to build six container ships, each with a capacity of 24,000TEU, employing eco-friendly technologies, including duel-fuel engines.
Evergreen is one of the world’s largest shipping companies, which operates a fleet of more than 200 ships.
The value of the order is worth 2,328.6 billion won - 388.1 billion won per ship, the industry’s highest price for a super-large container ship.
The figure corresponds to 31 percent of the 7,408.3 billion won Hanwha Ocean logged in 2023 sales.
The super-large container ship is 400 meters in length, 61.5 meters in width and it can transport 24,000 containers at one time.
It employs advanced, eco-friendly technologies, such as shaft generation motors (SGM) and Air Lubrication System (ALS).
SGM is an eco-friendly technology that generates electricity by the torque of a ship’s propulsion engine shaft.
ALS is designed to raise fuel efficiency by reducing frictional resistance through creating an air layer between a ship’s bottom and seawater.
Hanwha Ocean plans to establish a long-term business partnership with Evergreen.
A Hanwha Ocean official said it was the first time that Hanwha Ocean has teamed up with Evergreen.
Evergreen, planning to place additional orders to build ships to ramp up competitiveness, plans to forge a long-term partnership with Hanwha Ocean, the official said.
Business sources said the order is noteworthy for Korea’s shipbuilding industry.
Chinese shipyards have dominated the 24,000TEU container ship market on the back of price competitiveness since 2022.
The standing of Hanwha Ocean has gone up since the shipbuilder joined as an affiliate of Hanwha Group in 2023.
Since Vice Chairman Kim Dong-kwan of Hanwha Group has been in charge of Hanwha Ocean, the shipbuilder has been elevated as one of the group’s core subsidiaries. Vice Chairman Kim officially serves as a non-standing of the board of directors at Hanwha Ocean.
Hanwha Ocean Writes New Story in K-Marine Defense Industry
Hanwha Ocean announced on March 19 that the U.S. Navy’s dry cargo and ammunition ship, USNS Wally Schirra, has successfully completed its maintenance and set sail.
The achievement is an important step in the domestic shipbuilding industry.
The project was carried out at Hanwha Ocean’s Geoje Shipyard over the course of approximately six months and involved comprehensive maintenance, including hull and engine repairs, major equipment inspections and replacements, and system upgrades.
In meeting the U.S. Navy’s stringent technical standards, Hanwha Ocean views this successful collaboration as an opportunity to further solidify its presence in the global defense industry.
“It is a great honor to assist the U.S. Navy through this project.
Based on the experience gained from Wally Schirra, we will continue to strive to make greater contributions as a key partner,” said Kim Dae-Sik, Managing Director of Hanwha Ocean’s MRO business.
“Today is the result of months of hard work and dedication by the team here at Hanwha and by the men and women of Wally Schirra. This serves as a reminder of the close partnership between our two countries and the opportunities we have to continue to strengthen that partnership,” said Patrick J. Moore, Command Officer of Military Sealift Command Office, Korea (MSCOK).
During the maintenance process, Hanwha Ocean leveraged its technical expertise to pinpoint previously unidentified maintenance needs and propose effective solutions.
The overhaul of Wally Schirra was Hanwha Ocean’s first project after securing a Master Ship Repair Agreement (MSRA) with the U.S. Navy in July last year.
In November, the company won an additional contract for the scheduled maintenance of USNS Yukon, a replenishment oiler assigned to the U.S. Navy’s 7th Fleet. As the global MRO market continues to expand, Hanwha plans to build on these successes to grow along with it.
Hanwha Ocean is a leading global company with extensive expertise and experience in the shipbuilding and offshore industries.
Boasting the world’s most competitive LNG carriers built with eco-friendly and highly efficient technology, the company has continuously pioneered new businesses since 1973, producing a vast range of vessels, including commercial ships, drillships, and specialty ships.
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