Hanwha Ocean Q1 Net Profit Rises 131.8% to 500 Billion Won on LNG Carrier Growth
Hanwha Ocean Co. reported a first-quarter net profit of 500 billion won, up 131.8 percent from the previous year, driven by high-value LNG carrier projects. Operating profit reached 441.1 billion won, exceeding estimates. The company secured $2.45 billion in new orders, including LNG carriers and VLCCs.
news18.comHanwha Ocean Co. 9 million. 8 percent from the year-earlier period, according to the company's regulatory filing reported by Yonhap.
6 billion won in the first quarter of 2025. 2 trillion won. The operating profit was 17 percent higher than the average estimate from a Yonhap Infomax survey.
A company official stated that the commercial shipbuilding division continued to lead growth, supported by a greater share of high-priced LNG carrier projects. The naval and special ship unit maintained stable sales backed by submarine and surface vessel construction during the first quarter of 2026.
The energy plant division saw a temporary decline in sales due to project completions during the first quarter of 2026.
45 billion during the period, including four LNG carriers, seven very large crude carriers (VLCCs) and one wind turbine installation vessel (WTIV). Hanwha Ocean expects profitability to continue improving as sales from high-value shipbuilding projects accelerate.
The company's energy plant division will continue to seek new orders centered on floating production storage and offloading (FPSO) units, floating LNG facilities, and offshore platforms.
A file photo taken July 28, 2025, shows Hanwha Ocean's shipyard in Geoje, about 330 kilometers southeast of Seoul.
Key Facts
Story Timeline
5 events- 2026-04-27
Hanwha Ocean Co. announced its first-quarter financial results.
1 sourceYonhap - 2026-01-01 to 2026-03-31
Hanwha Ocean secured new orders worth about $2.45 billion, including four LNG carriers, seven VLCCs, and one WTIV.
1 sourceYonhap - 2026-01-01 to 2026-03-31
Hanwha Ocean's net profit totaled 500 billion won, operating profit was 441.1 billion won, and sales reached 3.2 trillion won.
1 sourceYonhap - 2025-07-28
File photo taken of Hanwha Ocean's shipyard in Geoje.
1 sourceYonhap - 2025-01-01 to 2025-03-31
Hanwha Ocean's operating profit was 258.6 billion won.
1 sourceYonhap
Potential Impact
- 01
Potential boost to South Korea's shipbuilding sector competitiveness through increased high-value orders.
- 02
Expansion in LNG and offshore projects could support global energy transition efforts.
- 03
Improved investor confidence in Hanwha Ocean due to exceeding profit estimates.
- 04
Temporary sales dip in energy plant division may affect short-term revenue streams.
Transparency Panel
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