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.

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