Hanwha Ocean Wins Major Order Amid Labor Dispute

South Korea's Hanwha Ocean has secured an order for two liquefied natural gas (LNG) carriers from an African shipowner, valued at approximately $500 million. This contract represents a small portion of the company's revenue from last year, but it is part of a larger trend.

Hanwha Ocean has booked a total of $2.1 billion in orders during September alone, driven by a series of major contracts since the start of the month. This includes an order for three very large gas carriers (VLGCs) from an Oceania-based shipowner and a 1.55 trillion won contract from Taiwan's Yang Ming Marine Transport for six 13,650 TEU LNG dual-fuel container ships.

The company's cumulative order intake for 2026 now stands at 41 vessels worth approximately $7.71 billion. Labor disputes have been ongoing, with the labor union escalating its campaign on September 14 with a seven-hour strike by all members and a complete shutdown of all four Goliath cranes on September 18.

The global ordering trend is expected to continue for the foreseeable future, driven by expanding LNG demand and the replacement cycle for aging vessels. Hanwha Ocean's high proportion of eco-friendly and technologically advanced vessels puts it in a favorable position from a profitability standpoint.