Overview
- Hanwha Ocean, which reported results Monday, logged net profit of 500 billion won and operating profit of 441.1 billion won that topped the market by about 17 percent.
- The company said a greater share of high-priced liquefied natural gas carriers drove the gain as commercial shipbuilding, which makes up more than 70 percent of revenue, shifted to higher-value work.
- New bookings reached about $2.45 billion in the quarter, including four LNG carriers, seven very large crude carriers and one wind turbine installation vessel.
- Executives guided for further profit improvement and said the energy plant unit is chasing orders for floating production ships, floating LNG facilities and offshore platforms.
- The firm is also ramping up defense bids, targeting Canada’s submarine program, South Korea’s KDDX destroyer effort and U.S. Navy logistics ships through Philly Shipyard and Hanwha Defense USA.