Seoul: Hanwha Ocean Co. announced Thursday that it has clinched a 393.3 billion-won (US$266 million) agreement to construct two very large crude carriers (VLCCs) for a shipping company in the Oceania region. These vessels are expected to be delivered by January 4, 2030, as stated in the company's regulatory filing. The identity of the client, however, remains undisclosed.

According to Yonhap News Agency, industry experts have noted a surge in global replacement demand for aging VLCCs. This demand is coupled with increased freight rates, an economic shift attributed to the restricted passage through the Strait of Hormuz. This strategic location is a critical chokepoint for global oil transportation, and any impediments in this region significantly impact shipping dynamics.

With this recent contract, Hanwha Ocean has successfully secured orders for a total of 15 vessels this year, amounting to a combined value of $2.84 billion. This milestone underscores the company's robust performance and strategic positioning in the global shipbuilding market.