SEOUL, September 17 (AJP) - Hanwha Ocean, one of South Korea’s three largest shipyards, has bagged an order of 1.93 trillion won ($1.4 billion) from Taiwan's Yang Ming Marine Transport to deliver seven liquefied natural gas (LNG)-fueled container ships.
The shipbuilder disclosed that the contract calls for construction of seven 15,880 TEU (twenty-foot equivalent unit) LNG dual-fuel containers at Hanwha’s Okpo Shipyard in Geoje, South Gyeongsang Province, with deliveries to be completed by the first half of 2029.
The deal is the company’s second from Taiwan this year. In March, Hanwha Ocean won an order from Taiwanese shipper Evergreen worth 2.3 trillion won ($1.69 billion) for six 24,000 TEU LNG dual-fuel eco-friendly ultra-large container ships.
The Yang Ming vessels will be powered by LNG dual-fuel engines as standard and feature ammonia-ready specifications that allow future conversion to ammonia dual-fuel propulsion.
The ammonia-ready design means the hull structure can accommodate retrofitting from LNG-diesel fuel systems to ammonia propulsion, enabling triple-fuel capability - diesel, LNG, and ammonia.
The vessels will incorporate Hanwha Ocean's core technologies, including the world's first LNG fuel tanks capable of withstanding 1.0 bar of pressure (approximately 14.5 psi). By operating at higher pressure than conventional fuel tanks, these systems can store vaporized natural gas longer and safer.
"This first contract with Yang Ming validates Hanwha Ocean's differentiated eco-friendly technology and design capabilities,” said Kim Hee-cheol, CEO of Hanwha Ocean.
Hanwha Ocean shares were trading at 112,300 won as of Wednesday, up 1.35% from the previous closing of 110,800 won.
Hanwha, formerly Daewoo Shipbuilding & Marine Engineering, is among Korea’s three dominant shipbuilders, which together command more than half of the global LNG carrier orderbook.
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