Hanwha Ocean secures $499.6 million contract for two LNG carriers

SOUTH KOREA, AFRICA (UNIDENTIFIED SHIPOWNER), ASIA, EUROPE, MALAYSIA (PENGERANG LNG TERMINAL), 28 SEPTEMBER 2026 —

South Korea’s Hanwha Ocean has secured a 680 billion won ($499.6 million) contract to build two liquefied natural gas (LNG) carriers for an unidentified African shipowner, the company announced Monday in a regulatory filing.

The vessels are scheduled for delivery by November 2029, marking the latest in a record order book that now totals $7.71 billion for 41 ships this year alone, including 18 very large crude carriers (VLCCs), eight LNG carriers, and six container ships.

The contract shows Hanwha Ocean’s aggressive expansion in the global shipping market amid surging demand for energy transport vessels, particularly as LNG emerges as a critical fuel alternative in maritime logistics. The company’s order book reflects a broader industry trend, with shipbuilders capitalizing on rising investments in cleaner fuel infrastructure and the transition away from traditional crude oil carriers.

The African shipowner’s identity remains undisclosed, though the deal aligns with growing LNG trade routes linking Asia, Europe, and emerging markets.

Hanwha Ocean’s order book now stands at $7.71 billion for 41 vessels in 2026, with the latest LNG carriers adding to its existing commitments for 18 VLCCs, eight LNG carriers, and six container ships. The company’s regulatory filing did not disclose the specific technical specifications of the new LNG carriers, but industry standards typically require such vessels to comply with stringent safety and environmental regulations, including those set by the International Maritime Organization (IMO).

The delivery deadline of November 2029 suggests a construction timeline of roughly three years, in line with industry norms for specialized LNG carriers.

The contract follows a year of activity for Hanwha Ocean, which has positioned itself as a key player in the global shipbuilding sector amid a wave of new orders. The company’s focus on LNG and VLCCs reflects the shifting dynamics of global trade, where energy security and decarbonization efforts are driving demand for specialized vessels.

While the African shipowner’s motives for the purchase were not specified, industry analysts often cite Africa’s growing role in LNG imports and re-export hubs as a factor in such deals.

For Malaysia, the development holds indirect significance as the country remains a major player in the LNG market, both as a producer and a key transit hub. With Petronas and other local firms expanding LNG infrastructure, including the Pengerang LNG terminal, the rise in global LNG carrier orders could influence shipping costs and logistics for Malaysian energy exports.

The contract also reinforces South Korea’s dominance in the shipbuilding sector, a relationship that has historically benefited Malaysian trade through lower shipping rates and infrastructure investments.

Hanwha Ocean’s next steps will likely involve finalizing construction plans and securing additional orders to meet its $7.71 billion target for 2026. The company has not yet commented on further expansions, but its aggressive order book suggests continued focus on energy transport vessels, particularly as global LNG demand remains strong.

The unidentified African shipowner’s identity may be revealed in future filings, though the deal’s timing aligns with broader trends in African nations diversifying their energy import strategies.

Related: Hanwha Ocean