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The shipbuilder said in its first-quarter earnings report on Monday that there is a near-term uncertainty stemming from Middle East conflicts, but it sees rising LNG carrier newbuild demand, supported by supply diversification, higher ton-miles, and long-term charter-based orders linked to LNG terminals.
Hanwha Ocean sees a sustained mid-to-long-term demand supported by the phased ramp-up of new export terminals in the US and other regions, despite damage to QatarEnergy’s Ras Laffan LNG facilities and delays in new projects.
In addition, accelerating scrapping of older steam-turbine LNG carriers is supporting replacement demand (1 vessel in 2022, 7 in 2023, 8 in 2024, 15 in 2025, and 4 year-to-date in 2026), according to Hanwha Ocean.
Hanhwa Ocean also expects “expanding FLNG order opportunities” driven by rising LNG demand and oil majors’ LNG portfolios strengthening.
The shipbuilder said that growing LNG demand is driving the expansion of LNG export infrastructure in North America, with oil majors strengthening their LNG portfolios.
Hanwha Ocean noted, citing Clarksons data, that gas project activity is expected to increase in South America (Venezuela) and Africa (Mozambique, Nigeria).
LNG carriers
Hanwha Ocean booked four LNG carriers worth approximately $1 billion year to date.
In January this year, Hanwha Ocean recently secured a contract valued at approximately $501 million to build two LNG carriers for Greece’s Alpha Gas.
This is Hanwha Ocean’s first LNG carrier order in 2026.
Last month, Greece’s Maran Gas, the gas shipping unit of Angelicoussis, ordered two more LNG carriers from Hanwha Ocean for $501 million.
Last year, Hanwha Ocean secured orders for 13 LNG carriers, including seven vessels tied to Norway’s Knutsen.
Last year’s orders also include contracts with its US affiliate Hanwha Philly Shipyard.
In August 2025, Hanwha Ocean announced a contract with Hanwha Philly Shipyard to build a second LNG carrier.
As of the end of March 2026, Hanwha Ocean had 63 LNG vessels worth $15.8 billion in its orderbook.
Hanwha Ocean reported revenue of 3.21 trillion won ($2.18 billion) and operating profit of 441 billion won in the first quarter of 2026, both up compared to last year.