Two major South Korean shipbuilders signed orders for two types of 15 new ships on the same day, with a total value of nearly US $3 billion.
Hanwha Ocean Signs Contracts for Six 24,000 TEU Ultra Large Container Ships
On March 14, Evergreen Marine, a container shipping company in Taiwan Province of China, officially signed a construction contract with Hanwha Ocean for six 24,000 TEU liquefied natural gas (LNG) dual-fuel powered ultra-large container ships.
These new ships are 400 meters long and 61.5 meters wide and can carry 24,000 containers at a time; they will be equipped with LNG dual-fuel engines and Hanwha Ocean’s latest environmental technologies, including shaft engines and air lubrication systems.
In February this year, Evergreen Marine announced that it would order 5 and 6 24,000 TEU LNG dual-fuel powered container ships from Chinese shipbuilder Guangzhou Shipbuilding International (GSI) and South Korean shipbuilder Hanwha Ocean respectively, with the total value of the 11 new ships amounting to a maximum of US$3.245 billion.
According to the announcement, the single ship cost of this series of container ships ranges from US$265 million to US$295 million. Based on this calculation, the total value of Hanwha Ocean’s six new ships will be about US$1.59 billion to US$1.77 billion, while the total value of GSI’s five new ships will be about US$1.325 billion to US$1.475 billion.
According to Korean media sources, Hanwha Ocean’s final cost for a single ship is US$267.3 million (388.1 billion won), with a total order value of about US$1.6 billion.
In recent years, the shipbuilding industry is accelerating the construction of LNG and new-generation green fuel powered ships against the backdrop of ever-strengthening environmental regulations. Evergreen Marine’s choice of LNG fuel for this large container ship order is a strategic choice to maximize fuel efficiency while meeting environmental regulations.
As one of the world’s largest specialized container shipping companies, Evergreen Marine has a fleet of over 200 ships and plans to order new ships in the future to continue to enhance its competitiveness.
It is worth noting that the 24,000TEU container ship market has been mainly occupied by the Chinese shipbuilding industry since 2022, so this order is of great significance to the Korean shipbuilding industry. In addition, this is the first time that Hanwha Ocean has cooperated with Evergreen Marine in shipbuilding since its establishment.
According to Clarksons statistics as of the end of February, there are currently 358 ultra-large container ships of 17,000 TEU or larger in operation worldwide. Among them, Hanwha Ocean has built and delivered 72 ships, making it the single shipyard with the largest number of ships built.
Samsung Heavy Industries Signs Order for 9 Suezmax Shuttle Tankers
On March 14, Greek shipowner Tsakos Energy Navigation (TEN) and Samsung Heavy Industries formally signed a contract for the construction of nine 158,000 dwt Suezmax shuttle tankers in Athens, with a total order value of about US$1.32 billion and a single unit construction cost of about US$146.5 million.
Designed for the transportation of crude oil by sea, the new ships will be equipped with the DP2 dynamic positioning system and will also incorporate advanced technologies aimed at reducing emissions and improving fuel efficiency; each ship can carry up to one million barrels of crude oil.
The first two ships of the order will be delivered in 2027 and the remaining seven in 2028, when they will serve Transpetro, the shipping subsidiary of Petrobras. Earlier, Tsakos Energy Navigation had signed a 15-year time charter contract with Transportro.
It is reported that Transportro launched the bidding process for nine 158,000 dwt Suezmax shuttle tankers in November 2024 and attracted about 20 shipbuilders to bid for the order, with South Korea’s Samsung Heavy Industries, HD Hyundai Heavy Industries, Hanwha Ocean, and a Chinese shipbuilder shortlisted for the final list. According to Korean media reports, the order was originally planned to be undertaken by two to three Chinese and South Korean shipbuilder, but due to political factors, “the shipowner decided to entrust the construction of all new ships to Samsung Heavy Industries.”
According to the official website, Tsakos Energy Navigation was established in 1993 and is a leading provider of international maritime crude oil and petroleum product transportation services. The company operates a modern tanker fleet and has a place in the global shipping industry. Its latest order is designed to enhance its operational capabilities and meet the growing needs of the energy industry.
As of today, Tsakos Energy Navigation owns four DP2 shuttle tankers, with a further 12 in the construction phase, and from 2025 to 2026 it will take delivery of three new vessels, with a further nine to be delivered from 2028 onwards.