Hanwha Ocean Sees Surge in Q2 Profit on LNG Ship Deliveries

Hanwha Ocean, a South Korean shipbuilder, reported a significant increase in its second-quarter operating profit. The company's revenue surged 65.2% to 5.44 trillion won, while net profit jumped 366.4% to 692.6 billion won.

The operating profit for the April-June period nearly doubled from a year earlier, reaching 736.1 billion won. Hanwha Ocean attributed this growth to stable production, improved operational efficiency, and a rise in the number of vessels built, including high-margin LNG carriers.

Additionally, completing an offshore project added roughly 1.5 trillion won to the quarter's revenue. The company's profitability also rose due to higher vessel prices and favorable currency movements.

Hanwha Ocean has secured orders worth $4.35 billion this year, including six LNG carriers, 15 very large crude carriers, three very large ammonia carriers, and one wind turbine installation vessel.