34 vessels! The “Big Three” shipbuilders have matched last year’s full-year LNG vessel order intake.

On May 29, South Korea’s Hanwha Ocean announced that it had secured an additional order for one LNG carrier from a European shipowner. With this deal, the three major Korean shipbuilders have now accumulated a total of 34 LNG vessel orders in the first five months of the year, matching their full-year level for 2025.

The new vessel is scheduled for delivery by September 2029, with a contract value of KRW 375.9 billion (approximately USD 248 million or RMB 1.7 billion). For reference, according to Clarkson data, the current price of a 174,000-cubic-meter large LNG carrier stands at USD 248.5 million, down about 2.5% from USD 255 million in the same period last year.

Hanwha Ocean did not disclose the shipowner’s specific details, only stating that the order came from the same shipowner who placed a cumulative total of eight LNG vessel orders with the company between December last year and May this year. According to International Shipping Network, this LNG vessel order was placed by Norwegian shipowner Knutsen OAS Shipping.

On December 19 last year, Knutsen OAS Shipping signed a contract with Hanwha Ocean to build seven large LNG carriers, with a total value of KRW 258.91 billion (approximately USD 1.75 billion), or about USD 250 million per vessel. These LNG carriers are scheduled for delivery by the end of June 2029.

On May 11 this year, the two parties signed an additional order for an eighth LNG vessel, with a contract value of KRW 363.2 billion (approximately USD 247 million), scheduled for delivery by June 15, 2029.

Including the recent order for a large LNG carrier, Hanwha Ocean has secured 20 new shipbuilding contracts this year, totaling USD 3.7 billion (approximately RMB 25.2 billion). This figure represents 36.8% of the company’s full-year order intake of USD 10.05 billion last year. By vessel type, the orders comprise 10 VLCCs, 6 large LNG carriers, 3 very large ammonia carriers (VLACs), and 1 offshore wind installation vessel (WTIV).

A Hanwha Ocean official stated, “LNG carriers are quintessential high‑margin vessels. The nine LNG carriers from the same shipowner were built in a series, all to the same specifications, which helps enhance design, procurement, and production efficiency while providing a solid foundation for the company to further strengthen its profitability.”

In 2025, Hanwha Ocean reported an operating profit of KRW 1.1091 trillion (approximately USD 780 million or RMB 5.6 billion), up 366% year over year. This marks the first time in seven years that the company’s annual operating profit has surpassed the KRW 1 trillion threshold. The strong performance was driven by expanded revenue centered on highly profitable LNG carriers and improved delivery capabilities supported by a steady production schedule, leading to a substantial enhancement in profitability. According to data, Hanwha Ocean delivered a total of 22 LNG vessels in 2025, accounting for as much as 65% of its total revenue.

Notably, since the beginning of May, South Korea’s three major shipbuilders have all accelerated their efforts to secure LNG vessel orders. Specifically, Samsung Heavy Industries has booked six vessels, Hanwha Ocean two, and HD Korea Shipbuilding & Offshore Engineering four, bringing the total number of LNG vessel orders to 12.

As of now, South Korea’s three major shipbuilders have secured 34 LNG vessel orders this year, matching last year’s full-year total. Specifically, HD Korea Shipbuilding & Offshore Engineering has won 16, Samsung Heavy Industries 12, and Hanwha Ocean 6. In 2025, the three leading Korean shipbuilders have collectively taken on 34 LNG vessel orders: Hanwha Ocean 13, Samsung Heavy Industries 11, and HD Korea Shipbuilding & Offshore Engineering 8.