Hanwha Ocean bolsters strategic ties with Polish shipbuilders
Hanwha Ocean is boosting partnerships with Polish shipbuilders as a strategic move to secure an 8 trillion won ($5.4 billion) defense contract with Poland to supply three naval submarines.
According to the company Sunday, 17 staffers from its overseas business, sales, strategy, production and other divisions visited two shipyards — Nauta Shiprepair Yard and Remontowa Shiprepair Yard — in Poland last week. They discussed potential collaboration in constructing naval vessels, offering maintenance, repair and overhaul (MRO) services, diversifying ship types and developing eco-friendly technologies.
Founded in 1926, Nauta is Poland's top historical shipyard and has the capacity to construct and repair approximately 200 vessels annually. Remontowa, a subsidiary of the state-run Polish Armaments Group (PGZ), is the second-largest company in the country's MRO market.
Hanwha Ocean has been continuously expanding partnerships with local companies to secure Poland's ORKA project. The initiative aims to purchase advanced submarines equipped with cruise missiles to ramp up the country's maritime defense capabilities.
Last year, the company forged agreements with Poland's WB Group and PGZ, and UK-based Babcock International Group on jointly developing MRO service packages, with plans to further boost collaboration in other naval sectors. Additionally, working with over 200 small- and medium-sized enterprises in South Korea, it plans to contribute to advancing Poland's shipbuilding and related industries through technology transfer.
'The preferred bidder for the ORKA project has not been selected yet, and Hanwha Ocean is considered one of the most promising candidates,' stated Park Sung-woo, managing director of the overseas business division at Hanwha Ocean. 'Representing Korea, we are committed to expanding our operations in Poland to strengthen the two countries' economic, industrial and naval collaboration, with the goal of landing this contract.'
Capitalizing on the surge in global defense and shipbuilding industries, Hanwha Ocean turned a profit in 2024 for the first time in four years, posting 10.8 trillion won and 237.9 billion won in sales revenue and operating profit, respectively. Its market cap increased by 41.4 percent to 20.7 trillion won on Friday at the nation's main bourse, the Kospi, compared to the end of last year.
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