Hanwha Ocean Scores Major Deal with Taiwanese Shipping Giant

South Korean shipbuilder Hanwha Ocean has secured a major order to build six liquefied natural gas (LNG) powered container ships for Taiwanese shipping company Yang Ming Marine Transport Corporation. The deal, worth $1.1 billion, brings the total number of container ships ordered by Yang Ming from Hanwha Ocean to 13.

The new ships will be equipped with fuel tanks made using Hanwha Ocean's proprietary high-manganese steel technology, which offers cost advantages over nickel alloy steel and aluminum while maintaining high strength at ultra-low temperatures. This technology is a key differentiator for Hanwha Ocean in the competitive shipbuilding market.

With this latest order, Hanwha Ocean has secured contracts worth $1.2 billion in just two days, highlighting its strong production capabilities and differentiated shipbuilding skills. Shares of Hanwha Ocean rose 2.3% to $61.65 following the announcement.