Hanwha Ocean announced in a regulatory filing on the 12th that it has signed a contract with an Asian shipowner to build four Very Large Crude Carriers (VLCCs).

The total contract value is 800.1 billion KRW, which accounts for 6.3% of the company's consolidated revenue (12.7835 trillion KRW) as of the end of 2025. Both the contract amount and recent revenue were calculated by rounding to the nearest billion KRW. According to the filing, the contracting party is an Asian shipowner, and the vessels are also scheduled to be supplied to Asia.

The contract was signed on June 12, 2026, and the contract period runs from this date until February 22, 2030. Payment includes conditions for a down payment or advance payment, and will be made in installments based on future construction progress.

Hanwha Ocean explained, "The contract amount was calculated using the base exchange rate for buying and selling as of June 12, 2026, which is 1,527.00 KRW per dollar." The company added, "The contract period and final settlement amount may be changed during the construction process."

However, this contract does not take immediate effect. It is scheduled to become effective by June 30, 2026, following the fulfillment of precedent conditions agreed upon by the contracting parties. The company stated, "If this contract does not take effect in the future, we plan to issue a correction filing regarding the relevant matters."