Hanwha Ocean is reportedly the leading candidate for Thailand's next-generation frigate project, valued at up to 4 trillion won (approximately $3 billion). The Thai Navy is leveraging its experience in constructing existing frigates and its maintenance, repair, and overhaul (MRO) capabilities to gain an advantage in the bidding process.
According to industry sources on July 14, Thailand is expected to announce the preferred bidder for the frigate project by the end of this month after completing its review of proposals. The project involves the construction of a single 4,000-ton frigate, with the total value potentially increasing to 4 trillion won if three additional vessels are included.
The competition has narrowed down to a two-horse race between Hanwha Ocean and HD Hyundai Heavy Industries. Initially, several companies, including Spain's Navantia, Singapore's ST Engineering, and Turkey's ASFAT, participated in the bidding process, but the Thai Navy's evaluation has identified these two as the leading contenders.
Industry analysts believe Hanwha Ocean holds a favorable position in this competition, largely due to the trust established with the Thai Navy over the years. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, successfully delivered the 3,600-ton frigate HTMS Bhumibol Adulyadej, which remains a flagship of the Thai Navy due to its operational capabilities.
For this bid, Hanwha Ocean has proposed the export version of a 4,000-ton frigate, known as the Ocean-40F, which builds on the capabilities of the previous model. The company is emphasizing a comprehensive package that includes training and MRO support, leveraging its existing collaboration with the Thai Navy.
From Thailand's perspective, adopting a similar platform to its existing vessels would allow for seamless crew training, maintenance, and supply chain integration, significantly reducing operational costs.
Local media reports indicate strong confidence within the Thai Navy regarding Hanwha Ocean's technological expertise and support capabilities, further bolstering the company's bid.
Meanwhile, HD Hyundai Heavy Industries is making a final push, highlighting its experience in the international naval market. The company has secured contracts for frigates, patrol vessels, and offshore patrol vessels in the Philippines and has established joint construction projects in Peru, demonstrating its design and local construction capabilities. For the Thai bid, HD Hyundai Heavy Industries has proposed a 4,000-ton export frigate, emphasizing technology transfer and local industry participation.
Market observers view the outcome of this project as a critical juncture for the future of South Korea's shipbuilding and defense industries in the overseas naval vessel export market. Although the project involves a single frigate, the results could strengthen references in the Southeast Asian market and position companies favorably for future contracts.
Recent naval modernization efforts in countries such as Saudi Arabia, the Philippines, and Greece suggest that this contract could significantly impact the global surface ship market.
Choi Gi-il, a professor at Sangji University, noted, "This Thai project is being conducted through an open competitive process rather than a selective contract aimed at a specific company, making it difficult to predict the outcome until it is announced. However, Hanwha Ocean's mention as a strong candidate reflects the competitiveness of its comprehensive proposal, which includes vessel performance, pricing, technology transfer, and ongoing support."
* This article has been translated by AI.
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