South Korean shipbuilder Hanwha Ocean, formerly known as DSME, has clinched a significant LNG carrier order valued at approximately $1.84 billion as part of QatarEnergy’s expansive shipbuilding initiative. The announcement comes as Hanwha Ocean reaffirms its position as a key player in the global maritime industry.

According to the shipbuilder’s statement on Monday, it is slated to construct eight LNG carriers for an undisclosed owner based in Oceania, with delivery scheduled by January 2028. While the identity of the contracting company remains undisclosed, QatarEnergy revealed in a recent announcement that it has entered into time charter agreements for 25 LNG carriers with Nakilat, as part of the second phase of its extensive shipbuilding programme. Notably, Hanwha Ocean is set to build eight vessels, each with a capacity of 174,000 cubic metres, as specified in the agreement.

This latest contract adds to Hanwha Ocean’s existing memorandum of understanding for 12 LNG carriers, further solidifying its partnership with QatarEnergy and reinforcing its commitment to meeting the growing demands of the LNG shipping market.

The price tag of approximately $230 million per LNG carrier falls in line with previous orders under the second phase of the programme, presenting a competitive edge in terms of cost-efficiency. Moreover, this pricing stands significantly lower than the prevailing market rates, which typically range between $265-270 million for LNG carriers of similar capacity in South Korea.

QatarEnergy’s ongoing shipbuilding programme has spurred considerable activity in the maritime sector, with notable contracts awarded to leading shipbuilders. Last year, the company inked a landmark deal worth approximately $3.9 billion with HD Hyundai Heavy for 17 LNG carriers, marking the commencement of the programme’s second phase. Samsung Heavy Industries also secured a substantial order to construct 15 LNG carriers for approximately $3.45 billion, further underscoring the scale and significance of QatarEnergy’s ambitious shipbuilding initiative.

Hanwha Ocean’s latest contract underscores its continued prominence in the global LNG carrier market and reaffirms its position as a preferred partner for industry-leading projects. As the demand for LNG transportation continues to surge, Hanwha Ocean remains poised to deliver cutting-edge solutions and contribute to the ongoing evolution of the maritime industry.