Hanwha Ocean wins order for 6 container ships from Taiwan's Yang Ming
Hanwha Ocean CEO Kim Hee-cheul, third from right, and Yang Ming Marine Transport Corp. Chairman Chuck F. M. Tsai, fourth from right, pose with officials from both companies after a contract signing ceremony in Taiwan. Courtesy of Hanwha Ocean
Hanwha Ocean said it has won an order from Taiwan's Yang Ming Marine Transport Corp. for six 13,650-TEU liquefied natural gas (LNG) dual-fuel container ships worth about 1.55 trillion won ($1.05 billion), just a year after signing its first contract with the shipping line.
The vessels will be built at Hanwha Ocean's shipyard in Geoje and delivered in stages through the second half of 2029, the company said.
The order follows Yang Ming's initial contract with Hanwha Ocean last September for seven 15,880-TEU LNG dual-fuel container ships — the two companies' first newbuilding deal.
Hanwha Ocean said a major global carrier placing a large follow-up order with the same shipyard within such a short span reflects confidence in its design, production and process management capabilities, and deepens the companies' long-term partnership.
The new vessels will use Hanwha Ocean's proprietary high-manganese steel Type-B LNG fuel tank, a technology the company said offers better cost competitiveness than nickel-alloy steel or aluminum while maintaining strength and toughness at minus 163 degrees Celsius, the temperature at which LNG is stored.
Hanwha Ocean said it will also apply updated hull optimization technology to improve the ships' fuel efficiency and cargo capacity, helping the shipowner cut operating costs and meet tightening global environmental regulations.
Hanwha Ocean said the global container ship market is shifting from a period of fleet expansion toward the replacement of aging vessels and adoption of eco-friendly ships, driven by the International Maritime Organization's tightening emissions rules, and that it is focusing on high value-added, environmentally friendly orders from shipowners it expects to concentrate on yards with proven green technology and stable construction capacity.
"This contract shows the solid partnership between Yang Ming and Hanwha Ocean, and our shared commitment to building a more competitive and sustainable fleet," Yang Ming Chairman Chuck F. M. Tsai said.
Hanwha Ocean CEO Kim Hee-cheul said the follow-up order "once again confirms the trust built through our first project" and pledged to keep strengthening the company's environmental technology and quality competitiveness to deepen the partnership.
This article was published with the assistance of generative AI and edited by The Korea Times.