Hanwha Ocean, the South Korean shipyard, has secured a new contract for an ammonia-carrying tanker from undisclosed shipowners in the Oceania region, as reported in a filing with the South Korean stock exchange. The contract, valued at KRW163 billion (US$125 million), outlines the delivery of the ammonia carrier by 2026, with the contract set to conclude on 30 September 2026.
Formerly known as Daewoo Shipbuilding & Marine Engineering Co, Hanwha Ocean revealed its fiscal year sales nearing KRW5.0 trillion (US$3.9 billion) without providing additional details on the deal at the time of the announcement.
This recent contract follows a substantial agreement, also priced at approximately US$125 million per vessel, for four very-large ammonia carriers being constructed for Greek shipowner Naftomar. Upon completion, these vessels will boast a capacity to transport 93,000 m3 of ammonia, positioning them as the world’s largest among ordered ammonia carriers, according to Hanwha.
Highlighting ammonia as the “most economical means of transporting hydrogen to date,” the shipyard has been actively developing technology for ammonia and other low-carbon fuels. In September and October 2022, it obtained approvals in principle for 86,000-m3 ammonia carrier designs from French class society Bureau Veritas and UK-based Lloyd’s Register.
Equipped with shaft-generator motor systems for enhanced fuel economy and featuring Hanwha’s proprietary HS4 ‘smart-ship’ platform, the newbuild vessels for Naftomar are ammonia fuel-ready and adaptable to future ammonia propulsion. This one-vessel contract, labeled as “ultra-large,” potentially surpasses Hanwha Ocean’s earlier four-vessel order, becoming the largest ammonia carrier ordered to date.
