Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) announced on Nov. 27 that it has signed a contract for the construction of a very large liquid ammonia carrier (VLAC) with a shipowner in the Oceania region, with a total order value of KRW 163 billion (approximately $125.5 million), which is expected to be delivered to the shipowner in the second half of 2026.
It is reported that this is the second VLAC order announced by Hanwha Ocean this month.On the 14th, Hanwha Ocean signed a contract for the construction of four 93,000 cbm VLACs with a total order value of KRW 656.2 billion (about $496 million) and a single ship cost of about $124.6 million with Greek shipping company Naftomar Shipping and Trading Co Ltd. The delivery is scheduled by July 2027.
So far this year, Hanwha Ocean has taken orders for 16 new vessels worth US$3 billion, achieving 43% of its annual order-taking target of US$6.98 billion. In terms of ship types, includes five liquefied natural gas (LNG) carriers, five very large liquid ammonia carriers (VLACs) and six specialty vessels.
Recently, Hanwha Ocean has been committed to the development of zero-carbon shipbuilding technologies, and its 86,000 m3 liquid ammonia carrier was granted Approval-in-Principle (AiP) by Bureau Veritas (BV) and Lloyd’s Register (LR) in September and October 2022, respectively. Hanwha Ocean is also focusing on developing alternative fuels and environmentally friendly technologies to lead the era of zero-carbon ships. The company plans to gradually reduce greenhouse gas emissions and eventually commercialize zero-carbon ships powered by ammonia fuel, hydrogen fuel, and hydrogen fuel cell power.
Hanwha Ocean said, “With the global decarbonization trend, the demand for ammonia as a zero-carbon fuel is rising, and the demand for a stable supply of ammonia carriers will increase, and the company is expected to benefit from the sector.”