Hanwha Ocean said on the 3rd it won an order from Yang Ming Marine Transport for six liquefied natural gas (LNG) dual-fuel container ships worth about 1.5527 trillion won. It is a follow-up order one year after the first newbuilding contract with Yang Ming Marine Transport last year.
The six 13,650-TEU LNG dual-fuel container ships contracted this time will be built at Hanwha Ocean's Geoje shipyard and delivered sequentially by the second half of 2029.
Yang Ming Marine Transport placed its first newbuilding order with Hanwha Ocean in Sep. last year for seven 15,880-TEU LNG dual-fuel container ships. After adding six more ships in one year, the two companies' contracted vessels increased to a total of 13.
The ships will feature a "high-manganese steel-based Type-B LNG fuel tank" independently developed by Hanwha Ocean. High-manganese steel is more cost-competitive than conventional nickel alloy steel or aluminum, while maintaining toughness and strength in the ultra-low temperature environment of minus 163 degrees Celsius. Hanwha Ocean plans to use it to enhance the safety and economics of LNG fuel tanks.
The latest hull form optimization technology will also be applied. Hanwha Ocean plans to design the ships to improve fuel efficiency and operating and loading efficiency, reduce fuel and other operating expenses, and respond to tightening international environmental regulations.
The global container ship market is shifting from a phase of large-scale capacity expansion to a focus on replacing aging ships and transitioning to eco-friendly fleets in line with stricter environmental regulations by the International Maritime Organization (IMO). Hanwha Ocean plans to continue a selective order strategy centered on high value-added, eco-friendly ships, leveraging its eco-friendly technologies and construction capabilities.
Chair Chao Feng-ming of Yang Ming Marine Transport said, "We look forward to the successful delivery of the six ships contracted this time, and we hope to further solidify the long-term cooperative relationship between the two companies going forward."
Kim Hee-cheul, CEO of Hanwha Ocean, said, "Trust in Hanwha Ocean's design and production technology and project execution capabilities, confirmed through the first project, has led to another large-scale follow-up order in just one year," adding, "We will continue to strengthen our differentiated eco-friendly technologies and quality competitiveness so that our cooperative relationship with Yang Ming Marine Transport can develop into a long-term partnership."