On 21 January 2026, Hanwha Ocean reported that newbuilding contracts signed since the start of the year already total around $890 million, spanning both LNG carrier tonnage and VLCC crude tankers. The most recent addition is a contract with an owner based in the Oceania region for a pair of LNG carriers, reinforcing the company’s focus on high-value gas and crude segments.
For the Oceania project, the agreement covers two LNG carrier newbuilds with a combined price of 738.3 billion won, which the yard notes is roughly equivalent to $498.8 million. On a per-ship basis, the cost comes to around $249.4 million, and both vessels are scheduled to be handed over to the customer by June 2029.
Including this latest LNG business, Hanwha Ocean has now secured five ships so far this year on terms valued at roughly $890 million. The mix consists of two LNG carriers and three VLCC-class crude tankers. The VLCC trio was ordered by Oman’s state-owned shipping company Asyad Shipping, with the contract for these crude carriers amounting to about $388.5 million in total.
The VLCC deal is divided between two size categories. One unit with a capacity of about 300,000 dwt is valued at $129.5 million and is due to be handed over by the end of 2028. The remaining part of the contract covers two roughly 320,000 dwt VLCCs, each priced at $128 million and currently indicated for delivery around the middle of 2030. At the same time, the project description also refers more broadly to deliveries for the series falling in the 2028–2029 period.
Compared with January 2025, when the company booked only a single VLCC over the same timeframe, the early 2026 order tally shows a marked increase in volume, suggesting a firmer order trend at the start of this year.
In the LNG shipping segment, short-term charter earnings have been under pressure as a large number of big LNG carriers have recently joined the market. However, the need to replace ageing ships is expected to persist over the medium to long term, driven by tighter environmental rules and higher fuel-efficiency requirements.
In addition, several LNG export terminal projects, many of them centred on the United States and planned for operation after 2028, are in preparation. As these developments proceed, demand for additional LNG carriers is expected to continue growing.
A representative of Hanwha Ocean said the company plans to remain flexible in responding to market fluctuations, while maintaining an order-intake strategy that focuses on premium, high-value, high-specification vessels.
