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Hanwha Ocean Secures an Ammonia Ship Order Worth $125 Million
Hanwha Ocean Secures an Ammonia Ship Order Worth $125 Million

Hanwha Ocean Secures an Ammonia Ship Order Worth $125 Million

  • 27-Nov-2023 3:30 PM
  • Journalist: Li Hua

On Monday, Hanwha Ocean Co., a key player in the shipbuilding sector and a subsidiary of the diversified Hanwha Group spanning chemicals to aerospace, announced a significant milestone. The company revealed that it had secured a substantial ammonia ship order valued at approximately US$125 million from an undisclosed client based in the Oceania region.

According to a regulatory filing, Hanwha Ocean is set to embark on the construction of the ammonia carrier, with a committed completion date by September 2026. The ship will be tailored to the specifications of the unidentified client operating in the Oceania region, demonstrating Hanwha Ocean's commitment to meeting the unique needs of its diverse clientele.

The announcement comes as part of the company's ongoing efforts to expand its portfolio and cater to the evolving demands of the maritime industry. By securing this order, Hanwha Ocean aims to further solidify its position as a key player in the shipbuilding market.

In the regulatory filing, Hanwha Ocean provided insights into its overall performance in the current year. The company disclosed that it has successfully obtained ship orders amounting to $3 billion thus far, marking a substantial achievement and positioning the company at 43 percent of its annual order target of $6.98 billion. This robust performance underscores the company's ability to attract significant business in a competitive market environment.

It is noteworthy that Hanwha Ocean has undergone a notable transformation. Formerly known as Daewoo Shipbuilding & Marine Engineering Co., the company underwent a name change following its acquisition by the Hanwha Group. This strategic move aligns with the Hanwha Group's overarching vision and business objectives, contributing to the group's diversified presence across various industries.

The significance of the ammonia ship order lies not only in its monetary value but also in its contribution to the company's strategic goals. The ammonia carrier project adds to Hanwha Ocean's growing list of projects, showcasing its versatility in catering to different segments within the maritime industry. Ammonia carriers play a crucial role in the transportation of ammonia, a vital component in various industries, including agriculture and chemicals.

The commitment to completing the ammonia carrier by September 2026 highlights Hanwha Ocean's focus on timely delivery and meeting client expectations. This punctuality is a key factor in maintaining positive relationships with clients and enhancing the company's reputation in the competitive shipbuilding sector.

As the company continues to make strides in securing significant orders, the $3 billion accumulated in ship orders this year reflects both the demand for maritime infrastructure and Hanwha Ocean's ability to meet this demand. Achieving almost half of its annual order target in the current year positions the company favorably for sustained growth and success in the coming years.

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