![\"null](\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/05\/news-p.v1.20260220.260cfc43dd8148f384918e96c8f6c6e3_P1.jpg\"\/ "\\"Hanwha")
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Hanwha Ocean (042660.KS) reported first-quarter operating profit of 441.1 billion won ($326 million), up 70.6% from a year earlier, the company said in a regulatory filing Sunday.<\/p>\n
The operating profit exceeded the market consensus of 375 billion won by 17.6%. Hanwha Ocean attributed the performance to the maintenance of a high-margin structure centered on liquefied natural gas (LNG) carriers and improved profitability across other vessel types. The results were also supported by favorable foreign exchange rates, continued cost reductions, and earlier profit recognition from some early deliveries driven by productivity improvements.<\/p>\n
Revenue rose 2.1% year-on-year to 3.21 trillion won ($2.37 billion). The commercial shipbuilding division drove the growth by maintaining a high proportion of revenue from high-priced projects and LNG carriers. The naval and special ship division sustained revenue through submarine and surface vessel construction. However, the energy and plant division saw revenue decline due to a temporary drop in production volume following the completion of project processes.<\/p>\n
Hanwha Ocean projected that the trend of improving profitability would continue as revenue recognition from high-priced commercial vessel projects gains full momentum. Demand for energy-related vessels such as LNG carriers and very large crude carriers (VLCCs) remains robust amid shifts in the global energy supply structure and supply chain diversification. The company has successfully secured a series of high-value orders this year totaling $2.45 billion (approximately 3.6 trillion won), including four LNG carriers, seven VLCCs, and one wind turbine installation vessel (WTIV).<\/p>\n
The company is also accelerating performance improvements by pursuing major projects such as the Canadian Patrol Submarine Project (CPSP) and Korea’s KDDX next-generation destroyer program, while expanding order activities in floating production, storage and offloading units (FPSOs) and floating liquefied natural gas facilities (FLNG).<\/p>\n","protected":false},"excerpt":{"rendered":"Hanwha Ocean (042660.KS) reported first-quarter operating profit of 441.1 billion won ($326 million), up 70.6% from a year…\n","protected":false},"author":2,"featured_media":2407,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[345],"tags":[1004,2255,355,354,373,2254,1293,1992,462,551,2253],"class_list":["post-2406","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hanwha-ocean","tag-cpsp","tag-fpso","tag-hanwha","tag-hanwha-group","tag-hanwha-ocean","tag-kddx","tag-korea-shipbuilding","tag-lng-carrier","tag-q1-earnings","tag-shipbuilding","tag-vlcc"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/2406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=2406"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/2406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/2407"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=2406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=2406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=2406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}