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Hanwha Ocean announced in a statement that it had been selected as the preferred bidder to build Korea’s next-generation research icebreaker, commissioned by the Ministry of Oceans and Fisheries.
The shipbuilder did not disclose the contract price for the vessel designed for polar exploration and scientific missions.
The new vessel will feature LNG dual-fuel electric propulsion system, with polar-class dual-directional icebreaking capability, capable of breaking through 1.5-meter-thick.
It will have cold endurance down to -45°C.
Hanwha Ocean said this project marks “another key milestone in our leadership in polar shipbuilding.”
“So far, we have successfully delivered 21 icebreaking LNG carriers — the most in the world,” it said.
In addition, the shipbuilder recently secured a national R&D project to develop a PC2-class icebreaker capable of year-round operation in the Arctic high latitudes, further strengthening its role in global polar research and exploration.
“The Arctic is rapidly emerging as more than just a new shipping route — it’s becoming a strategic arena for resources, logistics, and technological leadership. We are moving swiftly to cultivate the icebreaker sector as one of our future growth drivers,” Hanwha Ocean said.
LNG carrier market
Hanwha Ocean reported revenue of 3.14 trillion won ($2.19 billion) and operating profit of 258.6 billion won in the first quarter, up 38 percent and 389 percent, respectively, year-on-year.
The shipbuilder said revenue increased thanks to higher shipbuilding volume and a greater proportion of LNG carrier sales.
Hanwha Ocean expects the LNG newbuilding market to recover in the second half of this year due to new US LNG export projects.
Hanwha Ocean said in its quarterly results presentation that the LNG carrier newbuilding market “softened” due to low charter rates, but it expects a second-half recovery from US LNG projects.