In an earnings filing on Tuesday, the company said 2025 revenue rose 18% from a year earlier to 12.6884 trillion won, while operating profit jumped 366% to 1.1091 trillion won.
Hanwha Ocean cited higher sales of liquefied natural gas carriers and special-purpose vessels. It said a larger share of high-margin LNG carrier revenue, supported by more stable production, led growth in its commercial ship division. Revenue at its special ship division also edged up as production of the Jangbogo-III Batch-II submarines Nos. 1, 2 and 3 stayed on schedule, contributing to overall sales growth.
The company said operating profit improved sharply on a shift toward more profitable products, productivity gains from production stabilization and continued cost-cutting efforts.
Hanwha Ocean said it has won orders totaling US$10.05 billion so far, including 13 LNG carriers, 20 very large crude carriers and 17 container ships. It said orders increased from US$8.98 billion a year earlier despite a drop to below 70% in global newbuild orders for its main ship types, measured by the number of vessels, citing aggressive sales efforts and technological competitiveness.
The company also gave an upbeat outlook for this year. A company official said revenue is expected to grow as high ship prices for LNG carriers and other vessels strengthen, and profitability should remain solid as higher-margin projects make up a larger share of sales. The official added that profitability is expected to improve further as production ramps up on the Jangbogo-III Batch-II submarine No. 2 and the Ulsan-class Batch-III frigates Nos. 5 and 6, along with efforts to win major overseas projects.
* This article has been translated by AI.
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