[Hanwha Ocean's Earnings Surge... Commercial Vessel Division Takes the Lead]

Daishin Securities analyzed that Hanwha Ocean's revenue in the second quarter of 2026 reached KRW 5.4432 trillion, up 65.2% year-on-year and 69.6% from the previous quarter. During the same period, operating profit stood at KRW 736.1 billion, a 101.7% increase year-on-year, with an operating margin of 13.5%, exceeding market expectations.

The key highlight of these earnings is that the Commercial Vessel Division generated the vast majority of the company's total operating profit. The division recorded KRW 3.2397 trillion in revenue and KRW 735.6 billion in operating profit, achieving a high operating margin of 22.7%. The difference between total company operating profit and the commercial vessel division's operating profit is a mere KRW 500 million. Although commercial vessels account for about 59.5% of total revenue, their contribution to operating profit is effectively close to 100%.

Daishin Securities cited the increasing share of high-profit vessel 'Vintage' and favorable foreign exchange effects as the background for the improved profitability of the commercial vessel division. 'Vintage' is a concept that categorizes the timing and contract conditions at the time of ship orders. The analysis suggests that profitability improved as contract volumes with high cost-effectiveness were recognized as revenue. This is interpreted as the result of reflecting the favorable ship prices, costs, and exchange rate conditions at the time of past orders in the income statement, rather than simply an increase in volume.

[A 'Division of Labor Model' Connecting Korea and the U.S.... Synergy with the Philly Shipyard]

Hanwha Ocean's next point of differentiation is the 'role-sharing structure' in the U.S. logistics ship business. Daishin Securities projected that when orders for U.S.-related projects are placed, Hanwha Ocean can create synergy by handling design and material production, while the U.S. Philly Shipyard carries out local construction. In other words, rather than simply exporting completed warships from Korean shipyards, this is a Korea-U.S. joint supply chain model that distributes processes across the production bases of both countries.

Logistics ships are vessels that supply fuel, materials, and equipment to combat ships, supporting the Navy's long-distance operations. The scope of utilization is expected to be determined by how the construction stages—from design and material production to block fabrication and final assembly—are divided between the Korean and U.S. shipyards.

[Strategic Value Rises Amid Middle East Uncertainty... "Order Variables Need to Be Watched"]

Uncertainty surrounding maritime shipping routes in the Middle East continues amid recent armed clashes between the United States and Iran. On the 3rd, Iran stated it is not negotiating with the U.S., but explained that it is discussing temporary safe passage plans for the Strait of Hormuz. On the other hand, the U.S. mentioned the possibility of resuming negotiations, leading to conflicting statements from both sides and demonstrating the coexistence of military tension and diplomatic contact.

While this geopolitical situation does not immediately lead to orders for specific vessels, it highlights the importance of supply and maintenance support systems needed to sustain fleet operations in distant waters. This serves as a backdrop to re-examine the strategic role of logistics ships.

Ultimately, Hanwha Ocean's future moves depend on how it combines the financial foundation secured through the high profit margins of its commercial vessel division with a local U.S. production network. If the model proposed by Daishin Securities—'Hanwha Ocean's design and production + Philly Shipyard's construction'—becomes a reality, Hanwha Ocean's business domain is expected to expand beyond domestic shipyards into a Korea-U.S. joint production system.

However, for the U.S. logistics ship business, the actual contribution to earnings can only be judged once the actual placement of orders, business conditions, and process-sharing methods are finalized. Some also point out that military tensions in the Middle East do not guarantee direct orders, so future official contracts and production plans must be verified separately.

[※ This article is not intended to solicit investment, and the judgment and responsibility for investments lie solely with the investor. AI provided partial assistance.]