The Royal Thai Navy’s frigate procurement program has reached a critical milestone, as the shipbuilder selection results have now been officially approved. The winning bidder is Hanwha Ocean Co., Ltd, a South Korean shipbuilding company, which submitted a bid of THB 16.73 billion (approx. USD 530 million).
Rear Admiral Parat Rattanachaiyapan, spokesperson for the Royal Thai Navy, provided an update on September 8, 2026, stating that the selection process has concluded according to established procedures. Prime Minister Anutin Charnvirakul signed to acknowledge the summary of selection results on September 4, 2026, followed by the Permanent Secretary of the Ministry of Defence signing approval of the selection outcome on September 7, 2026.
The official announcement must still wait, as the Navy intends to preserve the rights of all participants in the selection process under the relevant legal and regulatory framework. A formal press conference on the selection results will be held on September 18, 2026, after the statutory appeal period has lapsed.
Key elements of the agreement specify that Admiral Korawit Chayarot, Commander of the Royal Thai Fleet, in his capacity as Chairman of the Project Executive Board, signed the Navy’s announcement regarding the selected bidder for one frigate, along with associated systems and equipment, spare parts, tools, documentation, support elements, testing and trials, fuel, lubricants, training, inspection and acceptance, warranty, and all related ceremonies.
The quoted price is exempt from customs duties but includes value-added tax, other taxes and duties, transportation costs, and all other expenses. It is a Firm & Fixed Price under DAP (INCOTERMS 2020) delivery terms, which include transportation and insurance up to the delivery point at Sattahip Naval Base in Chonburi Province, or another location to be designated by the Navy.
A Project Under Public Scrutiny
The Navy is well aware that this project directly concerns national security, the protection of maritime interests, and the use of public funds. It has therefore placed great emphasis on accuracy, value for money, transparency, and auditability at every stage.
The selection process prioritized the nation’s best interests, including operational capability, mission suitability, life-cycle cost-effectiveness, and the long-term benefits Thailand will receive—encompassing technology transfer, personnel development, knowledge creation, and the promotion of the domestic defense industry.
The core principle of this project is therefore not merely “the Navy gets a ship,” but rather “the country must benefit simultaneously.” This security investment must be able to catalyze the development of Thai human capital, Thai industry, and the nation’s self-reliance capabilities.
The Navy spokesperson emphasized: “This frigate is being built with the people’s budget. Therefore, our goal is not simply to acquire the best ship for the Navy, but to ensure that this investment generates returns for the country. The Navy gets the ship, the country must gain capability, the Thai people must gain knowledge, and Thai industry must have the opportunity to grow alongside it.”
Contract Terms and Timeline
Key details of the selected proposal are as follows:
ItemDetailsSelected BidderHanwha Ocean Co., Ltd (South Korea)Bid PriceTHB 16.73 billion (approx. USD 530 million)Price TypeFirm & Fixed PriceDelivery TermsDAP (INCOTERMS 2020), including transport and insuranceDelivery PointSattahip Naval Base, Chonburi ProvinceOfficial AnnouncementSeptember 18, 2026
The quoted price is exempt from customs duties but includes value-added tax, other taxes and duties, transportation costs, and all other expenses.
Impact on the Defense Industry
The selection of Hanwha Ocean sends a significant signal to the shipbuilding and defense systems industry in the region. This South Korean company possesses extensive experience and strong capabilities in building large naval vessels, and this contract win will help strengthen defense industrial ties between Thailand and South Korea.
For Thailand, receiving a proposal that includes technology transfer and personnel development represents a major opportunity to elevate the capabilities of the domestic shipbuilding industry, in line with the country’s long-term self-reliance policy in security matters.
The official announcement on September 18, 2026, will serve as an important platform for the Navy to explain the criteria, rationale, and key elements of the selected proposal, as well as the benefits Thailand will receive, ensuring the public is fully and transparently informed.