Hanwha Ocean to provide Algoma with up to USD $250 million (approx. CAD $345 million) to support Algoma’s diversification strategy and strengthen domestic supply chains for Canadian defense procurement
India is strengthening shipbuilding and maritime cooperation with South Korea, combining Korean technology and India’s cost-competitive workforce to expand its fleet and support its 2047 shipbuilding goals.
Hanwha Ocean has signed a 738.3 bn won ($498.8m) contract with an Oceania owner for two LNG carriers and a $388.5m VLCC order from Asyad Shipping, lifting its 2026 newbuilding tally to about $890m.
Hanwha Ocean has confirmed a worker fatality at its Geoje shipyard PAS Plant on 8 January. The employee was found unresponsive in a rest area, and police and other authorities are investigating.
Hyundai has secured a contract from Hanwha Ocean to fabricate and install foundations for the 390 MW Shinan Ui offshore wind project in South Korea, marking further progress toward offshore construction.
Korea’s big three shipbuilders are expected to secure $46.4 billion in 2026 orders and generate combined operating profit of 10.124 trillion won, driven by strong LNG carrier demand and Korea’s dominant market share.
Hanwha Group is expanding hiring and upgrading Hanwha Philly Shipyard as “Golden Fleet” shipbuilding plans advance, positioning the yard for potential US naval workshare and future platform cooperation.
South Korea will run a designated KDDX contest between Hanwha Ocean and HD Hyundai Heavy Industries for detailed design, targeting contract award by end-2026 and first delivery by 2030.
Hanwha Ocean and Hyundai E&C signed a KRW 2.64 trillion EPC deal for the 390MW Shinan Ui offshore wind project, with PF work and domestic supply-chain selections under way.
