Hanwha Ocean

{{short description|South Korean shipbuilding company}} {{Infobox company | name = Hanwha Ocean Co., Ltd. | logo = Hanwha Ocean Logo.svg | logo_size = 170 | image = | native_name = 한화오션 주식회사 | native_name_lang = ko | romanized_name = | former_name = {{ubl| Daewoo Shipbuilding Industries (1978–2002) | Daewoo Shipbuilding & Marine Engineering (2002–2023)}} | type = Public | traded_as = {{kse|042660}} | ISIN = <!-- {{ISIN|sl=n|pl=y|...}} --> | founded = {{start date and age|df=yes|1978|09|26}} | hq_location = 3370, Geoje-daero | hq_location_city = Geoje-si, Gyeongsangnam-do | hq_location_country = South Korea | num_locations = 3: Okpo, Houston, London | area_served = Worldwide | key_people = {{ubl| Kwon Hyuk-woong (CEO)}} | industry = {{ubl| Defense | Shipbuilding}} | products = {{Flatlist| * Drillships * FPSO * LNG-Regasification vessels * LNG/LPG * Naval ships * offshore structures * Passenger ships * Semi-submersible * VLGC/VLCC }} | services = | revenue = {{br list | {{nowrap|{{increase}} ₩10.776{{nbsp}}trillion}}}} | revenue_year = 2024 | operating_income = {{br list | {{nowrap|{{increase}} ₩237.9{{nbsp}}billion}}}} | income_year = 2024 | net_income = {{br list | {{nowrap|{{increase}} ₩528.2{{nbsp}}billion}}}} | net_income_year = 2024 | assets = {{br list | {{nowrap|{{increase}} ₩17.8438{{nbsp}}trillion}}}} | assets_year = 2024 | equity = {{br list | {{nowrap|{{increase}} ₩4.8634{{nbsp}}trillion}}}} | equity_year = 2024 | owner = {{ubl| Hanwha Aerospace&nbsp;(65.77%) | National Pension Service&nbsp;(5.81%) | Employee stock ownership&nbsp;(4.85%) | Treasury stocks&nbsp;(0.01%)}} | num_employees = 8,645 (March 31, 2022) | parent = Hanwha Group | website = [https://www.hanwhaocean.com/en/ Official website in English]<br>[https://www.hanwhaocean.com/ Official website in Korean] | footnotes = <ref name="GeojeNews 2024-04-01">{{cite web|url=https://www.geojenews.co.kr/news/articleView.html?idxno=81180|title=[교과서에 없는 거제역사 이바구43] 조산산업의 메카 거제|publisher=Geoje News|date=1 April 2024|archiveurl=https://archive.today/20240726120003/https://www.geojenews.co.kr/news/articleView.html?idxno=81180|archivedate=26 July 2024|accessdate=26 July 2024|author1=Choi Daeyoon}}</ref><ref name="Hanwha Ocean 042660">{{cite web|url=https://comp.fnguide.com/SVO3/ASP/SVD_Main.asp?gicode=A042660|title=Hanwha Ocean 042660|publisher=FnGuide|date=December 2024|archiveurl=https://web.archive.org/web/20250429050109/https://comp.fnguide.com/SVO3/ASP/SVD_Main.asp?gicode=A042660|archivedate=29 April 2025|accessdate=29 April 2025|author=}}</ref> }}

'''Hanwha Ocean Co., Ltd.''' ({{Korean|hangul=한화오션}}), formerly known as '''Daewoo Shipbuilding & Marine Engineering''' ({{Korean|hangul=대우조선해양}}), is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung.

==History== {{Missing information|history of the company between 1978–2010|date=March 2026}}

left|thumb|Aerial view of Daewoo Shipbuilding & Marine Engineering in August 2017

{{Infobox Korean name/auto |hangul=^한화_오션 }}

right|thumb|"Big Blue" statue at the former DSME headquarters, 2015

In 1978, Daewoo acquired what would become DSME.<ref>{{Cite web |last=Seung-hyun |first=Song |date=2023-05-23 |title=DSME rebranded as Hanwha Ocean |url=https://www.koreaherald.com/article/3132472 |access-date=2026-05-07 |website=The Korea Herald |language=en}}</ref>

On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the then record holder; the Mærsk E-class at 15,200 containers.<ref>[http://www.axsliner.com/WWW/research_files/EMMA_MAERSK_capa_estimate.pdf Emma Mærsk] {{webarchive|url=https://web.archive.org/web/20090327001747/http://www1.axsliner.com/WWW/research_files/EMMA_MAERSK_capa_estimate.pdf |date=2009-03-27 }}</ref> The contract is worth $1.9bn.<ref name=":0">{{Cite web|url = http://www.ship-technology.com/projects/triple-e-class/|title = Triple-E Class Container Ships|access-date = 2014-10-10|website = ship-technology.com}}</ref> The first was to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn.<ref name=":0" /> The new class is called the Triple E class.

On December 20, 2011, Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines.<ref>{{cite web |url=http://www.thejakartapost.com/news/2011/12/22/ri-orders-3-submarines-worth-1b-regional-catch.html |title=RI orders 3 submarines worth $1b in regional 'catch-up' |date=December 22, 2011}}</ref> It also would mark the first exports of submarines from South Korea.<ref>{{cite web |url=http://worldmaritimenews.com/archives/34579 |title=DSME to Build Three Submarines for Indonesia |date=October 10, 2011 |access-date=October 10, 2011 |archive-date=April 22, 2012 |archive-url=https://web.archive.org/web/20120422183829/http://worldmaritimenews.com/archives/34579 |url-status=usurped }}</ref>

On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships entered service in 2017.

The firm built 15 icebreaking LNG carriers commissioned by Yamal LNG which are used to export liquefied natural gas from the Russian Arctic. The ice class Arc7 Yamalmax ships are designed to operate year-round from the Yamal Peninsula and to break ice up to {{cvt|1.5|m|ft}} thick when sailing bow first and up to {{cvt|2.1|m|ft}} thick in astern direction. The tankers were designed in Finland by Aker Arctic Technology Inc.<ref name="Bloomberg7918">{{cite news |author1=Eric Roston |title=Russia Is Building $320 Million Icebreakers to Carve New Arctic Routes: The 1,000-foot-long vessels for hauling liquefied natural gas can cut through ice up to 7 feet thick. |url=https://www.bloomberg.com/news/articles/2018-07-09/russia-is-building-320-million-icebreakers-to-carve-new-arctic-routes |access-date=July 11, 2018 |work=Bloomberg |date=July 9, 2018}}</ref><ref name="AA318">{{cite web |title=Aker Arctic Technology Inc Newsletter |url=http://akerarctic.fi/sites/default/files/magazine-issue/fields/field_magazine_file/arctic_passion_news_1_2018.pdf |website=akerarctic.fi |publisher=Aker Arctic |access-date=July 11, 2018 |page=10 |date=March 2018 |archive-url=https://web.archive.org/web/20180711120849/http://akerarctic.fi/sites/default/files/magazine-issue/fields/field_magazine_file/arctic_passion_news_1_2018.pdf |archive-date=July 11, 2018 |url-status=dead }}</ref>

The South Korean Board of Audit and Inspection found {{KRWConvert|1.5|t|year=2016|showdate=no}} of accounting fraud in DSME's books on 15 June 2016.<ref>{{Cite news| url=http://english.yonhapnews.co.kr/news/2016/06/15/0200000000AEN20160615005000315.html | title=Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding | newspaper=Yonhap News Agency | date=15 June 2016 | access-date=22 June 2016}}</ref> In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.<ref>{{cite news | title=Daewoo Shipbuilding Told by Exchange to Improve Financials | author=Kyunghee Park | date=29 September 2016 | publisher=Bloomberg | url=https://www.bloomberg.com/news/articles/2016-09-28/daewoo-shipbuilding-told-by-exchange-to-improve-financials}}</ref> After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a {{KRWConvert|2.9|t|year=2017|showdate=no}} government loan in March 2017 to prevent bankruptcy.<ref>{{cite news | title=South Korea to inject $2.6 bln into ailing shipyard Daewoo | author=Youkyung Lee | date=23 March 2017 | publisher=SFGate | url=http://www.sfgate.com/news/article/South-Korea-to-inject-2-6-bln-into-ailing-11021780.php | url-status=dead | archive-url=https://web.archive.org/web/20170324175011/http://www.sfgate.com/news/article/South-Korea-to-inject-2-6-bln-into-ailing-11021780.php | archive-date=24 March 2017 }}</ref>

In 2017, it was uncovered that North Korea may have hacked the company and stole company's blueprints in April 2016.<ref>{{Cite news | url=https://www.reuters.com/article/us-northkorea-missiles-cybercrime/north-korea-hacked-daewoo-shipbuilding-took-warship-blueprints-south-korea-lawmaker-idUSKBN1D00EX |title = North Korea hacked Daewoo Shipbuilding, took warship blueprints|newspaper = Reuters|date = 2017-10-31}}</ref>

In December 2022, Hanwha Group announced that it would acquire a controlling 49.3 percent stake in Daewoo Shipbuilding & Marine Engineering worth 2 trillion won (US$1.5 billion). The deal was supported by the Korea Development Bank in an attempt to improve competition in the Korean shipbuilding industry.<ref>{{cite web |last1=Park |first1=Jae-Hyuk |title=Competition intensifies between Hanwha, HD Hyundai in shipbuilding industry |url=https://www.koreatimes.co.kr/www/tech/2022/12/419_342479.html |website=The Korea Times |date=27 December 2022 |publisher=Dongwha Enterprise |access-date=28 December 2022}}</ref>

In July 2024, Hanwha Ocean became the second Korean shipbuilder after Hyundai Heavy Industries to sign a master ship repair agreement (MSRA) with Naval Supply Systems Command (NAVSUP), qualifying it to participate in the U.S. Navy's MRO business.<ref>{{cite web|url=https://www.hanwha.com/newsroom/news/press-releases/hanwha-ocean-earns-msra-certification-to-participate-in-us-navys-maintenance-repair-and-overhaul-business.do|title=Hanwha Ocean earns MSRA certification to participate in U.S. Navy's maintenance, repair, and overhaul business|publisher=Hanwha Ocean|date=30 July 2024|archiveurl=https://web.archive.org/web/20240904122140/https://www.hanwha.com/newsroom/news/press-releases/hanwha-ocean-earns-msra-certification-to-participate-in-us-navys-maintenance-repair-and-overhaul-business.do|archivedate=4 September 2024|accessdate=4 September 2024|author1=}}</ref>

On 29 August 2024, Hanwha Ocean won an MRO contract for the USNS Wally Schirra, the US Navy's auxiliary ship, and 3 months of maintenance work will take place at the Geoje Shipyard from 2 September 2024.<ref>{{cite web|url=https://www.navalnews.com/naval-news/2024/08/hanwha-ocean-becomes-first-south-korean-shipyard-to-secure-u-s-navy-mro-contract/|title=Hanwha Ocean becomes first South Korean shipyard to secure U.S. Navy MRO contract|publisher=Naval News|date=29 August 2024|archiveurl=https://web.archive.org/web/20240829113657/https://www.navalnews.com/naval-news/2024/08/hanwha-ocean-becomes-first-south-korean-shipyard-to-secure-u-s-navy-mro-contract/|archivedate=29 August 2024|accessdate=29 August 2024|author1=}}</ref><ref>{{cite web|url=https://www.hanwha.com/newsroom/news/press-releases/hanwha-ocean-secures-south-koreas-first-us-navy-mro-project.do|title=Hanwha Ocean secures South Korea's first U.S. Navy MRO project|publisher=Hanwha Ocean|date=4 September 2024|archiveurl=https://web.archive.org/web/20240904133913/https://www.hanwha.com/newsroom/news/press-releases/hanwha-ocean-secures-south-koreas-first-us-navy-mro-project.do|archivedate=4 September 2024|accessdate=4 September 2024|author1=}}</ref>

==Ships built== * '''Crane vessels''' ** 1 {{ship||Pioneering Spirit}} * '''Container ships''' ** 20 {{sclass|Triple E|container ship|4}} ** 11 {{sclass|Triple E|container ship|4}} (Gen2) ** 10 of 16 {{sclass|Gülsün|container ship|4}} ** 8 of 14 {{sclass|Explorer|container ship|4}} ** 6 {{sclass|Earth|container ship|4}} ** 5 {{sclass|Dream|container ship|4}} ** 6 of 14 {{sclass|Pegasus|container ship|4}} ** 23 {{sclass|Danit|container ship|4}} ** 6 {{sclass|Olympic|container ship|4}} ** 5 {{sclass|CMA CGM Vela|container ship|4}} * '''Submarines''' ** 3 Type 214 ** 8 of 9 {{sclass|Jang Bogo|submarine|4}} ** 2 {{sclass|Nagapasa|submarine|4}} ** 2 of 9 {{sclass|Dosan Ahn Changho|submarine|4}} * '''Surface naval''' ** 3 of 6 {{sclass|Chungmugong Yi Sun-sin|destroyer}}s ** 3 {{sclass|Gwanggaeto the Great|destroyer}}s ** 4 of 8 {{sclass|Daegu|frigate}}s ** 3 of 9 {{sclass|Ulsan|frigate}}s ** 1 of 4 {{sclass|Donghae|corvette}}s * '''Auxiliary ships''' ** 1 of 2 {{sclass|Soyang|fast combat support ship}}s ** 5 of 5 {{sclass|Tide|tanker||ship}}s

==Corporate governance== ===Ownership=== {| class="wikitable" style="text-align:center; width:70%;" |+Major shareholders as of 2025<ref name="Hanwha Ocean 042660" /> |- ! Shareholder !! Country !! Stake (%) |- | Hanwha Aerospace || {{KOR|#}} || 65.77% |- | National Pension Service || {{KOR|#}} || 5.81% |- | Hanwha Ocean Employee stock ownership || {{KOR|#}} || 4.85% |- | Treasury Stocks || {{KOR|#}} || 0.1% |}

==See also== {{Portal|Companies|South Korea}}

* List of shipbuilders and shipyards * Defense industry of South Korea * Daewoo dissolution and corruption scandal

==References== {{Reflist}}

==External links== {{Commons category|Hanwha Ocean}}

* {{official website|https://www.hanwhaocean.com/en/}} {{Finance links |name= Hanwha Ocean |google= 042660:KRX |yahoo= 042660.KS |bloomberg= 042660:KS |reuters= 042660.KS }}

{{Hanwha}} {{Daewoo Group}} {{South Korean Defense Companies}} {{KOSPI 200}} {{Authority control|state=expanded}}

{{DEFAULTSORT:Hanwha Ocean}}

Category:Hanwha subsidiaries Category:Daewoo Category:Shipbuilding companies of South Korea Category:Defence companies of South Korea Category:Manufacturing companies based in Seoul Category:Companies listed on the Korea Exchange Category:Companies in the KOSPI 200 Category:South Korean brands Category:Accounting scandals Category:Scandals in South Korea Category:Entities subject to Chinese government sanctions