Hanwha in talks for $1.2b LNG vessel deal with Germany's Hapag-Lloyd
Korean shipbuilding giant Hanwha Ocean is reportedly nearing a $1.2 billion deal with German shipping company Hapag-Lloyd to supply six dual-fuel container carriers powered by liquefied natural gas (LNG).
According to reports from Norway-based maritime news outlet TradeWinds and local media on Sunday, the deal is based on unfinalized orders placed by Hapag-Lloyd in 2021 with what was then Daewoo Shipbuilding & Marine Engineering, now Hanwha Ocean.
In the suspended order, the world's fifth-largest shipper had requested the construction of six 16,800-ton LNG dual-fuel container carriers, with delivery scheduled by 2027 at an estimated cost of over $200 million per ship.
The contract is expected to be finalized within February, though Hanwha Ocean has stated that no specific details have been confirmed yet.
Meanwhile, there is speculation that Hapag-Lloyd might replace a potential order with Chinese shipbuilder Yangzijiang Shipbuilding Group with this order to Hanwha Ocean, possibly de-risking from the escalating US-China trade war.
The Chinese shipyard, located in Jiangsu, eastern China, had previously signed a contract with Hapag-Lloyd for 12 ships of the same type and size, leaving an option open to order six more units. However, the new order to Hanwha Ocean would eliminate the need for the anticipated additional order.
The Korean shipbuilder has been ramping up marketing activities to global shippers since its merger with Korea's defense and aerospace comlerate Hanwha Group in 2023, offering competitive pricing and fast delivery times while focusing on eco-friendly LNG vessels.
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