Hanwha Ocean has won a contract worth 394.3 billion won ($264.7 million) to build two very large crude carriers (VLCCs) for a North American client.
The South Korean shipbuilder disclosed the deal in a regulatory filing on Wednesday, marking another significant addition to its order book in a sector characterized by robust demand for large-scale oil transport vessels.
The order reinforces the broader trend of strong booking activity among South Korean shipyards, which are benefiting from a sustained upcycle in tanker construction.
Competitor Samsung Heavy Industries recently pushed its cumulative order book above $10 billion, driven by similar contracts for oil tankers, highlighting the competitive intensity and high volume of deals flowing to the region's top builders.
This development comes as global energy markets continue to navigate complex supply chain dynamics, with VLCCs remaining critical infrastructure for moving crude oil across long distances.
The North American client's decision to commission new builds suggests confidence in long-term tanker utilization rates and freight rate stability, despite ongoing geopolitical uncertainties in key shipping lanes.