South Korea’s DSME becomes Hanwha Ocean

South Korean LNG shipbuilding giant Daewoo Shipbuilding and Marine Engineering (DSME) has officially changed its name to Hanwha Ocean.

Conglomerate Hanwha Group signed a deal to buy a controlling stake in DSME in December last year and after that received all the approvals.

The shipbuilder held an extraordinary general meeting of shareholders on May 23, approving all agenda items, including amendments to the articles of incorporation to change the company’s name to Hanwha Ocean and the appointment of new directors, according to a statement by Hanwha.

Kwon Hyek-woong, vice chairman of Hanwha’s support division, will lead Hanwha Ocean as its chief executive officer.

Moreover, Hanwha will become the majority shareholder of Hanwha Ocean with 49.3 percent of the company’s shares through a rights offering worth 2 trillion won ($1.52 billion) and funded by its five affiliates, including Hanwha Aerospace and Hanwha Systems, it said.

The shipbuilder won orders to build in total four LNG carriers this year. These include two vessels for Japan’s MOL and two LNG tankers for Greece’s Maran Gas.

Last year, DSME set a record for the largest number of orders for LNG carriers in a year since its establishment, surpassing its yearly record of 37 LNG carriers in 2014.

It won orders for a total of 38 LNG carriers in 2022.

Most Popular

Woodside terminates Commonwealth LNG SPA

Australian LNG player Woodside has terminated its two LNG sale and purchase agreements with US LNG terminal developer Commonwealth LNG.

Thailand in Alaska LNG talks

Thailand's PTT and Egco will engage in further discussions to potentially participate in the development and buy volumes from the planned Alaska LNG project, according to Thailand's Ministry of Energy.

Energy Transfer seals Lake Charles LNG supply deals

Texas-based Energy Transfer has signed new supply deals for its planned Lake Charles LNG export facility in Louisiana as it works to take a final investment decision by the end of this year, according to its management.

More News Like This

Hanwha Ocean expects LNG newbuild market to recover in second half

South Korean shipbuilder Hanwha Ocean expects the LNG newbuilding market to recover in the second half of this year due to new US LNG export projects.

VesselsValue: South Korea’s LNG carrier orderbook worth $71.3 billion

South Korean yards have 276 LNG carriers worth $71.3 billion on order, according to the newest data by Veson Nautical’s VesselsValue.

Hanwha Ocean, Evergreen ink $1.6 billion deal for six LNG-powered containerships

South Korean shipbuilder Hanwha Ocean and Taiwan's shipping firm Evergreen Marine have signed a shipbuilding deal worth about $1.6 billion for six ultra-large LNG dual-fuel containerships.

Hanwha Ocean starts work on Nakilat’s LNG carrier

South Korean shipbuilder Hanwha Ocean has officially started building Nakilat's first of eight LNG carriers under the massive QatarEnergy shipbuilding program.