Including the latest deal, the company said it has secured orders for a total of 10 ammonia carriers so far this year, expanding its presence in the segment.
Hanwha Ocean has continued to develop technology for building zero-carbon ships, including obtaining approvals in principle in 2022 from Bureau Veritas and Lloyd's Register for an ammonia carrier design. Last year, it also began work with the Korean Register on developing a 150,000-cbm very large ammonia carrier.
The VLAC market has faced greater short-term uncertainty as exports have fallen amid the war in the Middle East, the company said. Still, it said overall cargo volumes have been maintained as exports from other regions, including the United States, have increased.
With major importers concentrated in Asia, a shift in export weight from the Middle East to the United States and other areas is lengthening shipping distances. Against that backdrop, ammonia carriers are emerging as a new specialized ship type for South Korea's shipbuilding industry, following LNG carriers, where South Korean companies hold more than 80% of the market, the company said.
Hanwha Ocean said it will continue its selective order strategy focused on high value-added and eco-friendly vessels to respond flexibly to market volatility, and will keep strengthening competitiveness in ship types tied to rising demand for vessels using cleaner fuels.
The company said it has booked orders this year for 18 ships — 10 very large crude carriers, four LNG carriers, three VLACs and one wind turbine installation vessel — totaling about $3.2 billion.
"As ammonia is considered a key energy source in the transition to a hydrogen economy, demand for carriers is also expected to rise steadily," an industry official said. "South Korean shipbuilders are likely to maintain market leadership based on their technology and construction experience."
* This article has been translated by AI.
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