Hanwha Ocean Explained

Hanwha Ocean Co., Ltd.
Native Name:한화오션 주식회사
Native Name Lang:ko
Type:Public
Founded:[1]
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
Revenue:[2]
Revenue Year:2022
Income Year:2022
Net Income Year:2022
Assets Year:2022
Equity Year:2022
Num Employees:8,645 (March 31, 2022)
Parent:Hanwha Group
Website:Official website in English
Official website in Korean

Hanwha Ocean Co., Ltd., formerly known as Daewoo Shipbuilding & Marine Engineering (DSME;), is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung.

History

Hangul:한화오션
Rr:Hanhwa Osyeon
Mr:Hanhwa Osyŏn

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.[3] The contract is worth $1.9bn.[4] The first was to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn. 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.[5] It also would mark the first exports of submarines from South Korea.[6]

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 thick when sailing bow first and up to thick in astern direction. The tankers were designed in Finland by Aker Arctic Technology Inc.[7] [8]

The South Korean Board of Audit and Inspection found of accounting fraud in DSME's books on 15 June 2016.[9] In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.[10] After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a government loan in March 2017 to prevent bankruptcy.[11]

In 2017, it was uncovered that North Korea may have hacked the company and stole company's blueprints in April 2016.[12]

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.[13]

Ships built

See also

Notes and References

  1. Web site: [교과서에 없는 거제역사 이바구43] 조산산업의 메카 거제]. Geoje News. 1 April 2024. https://archive.today/20240726120003/https://www.geojenews.co.kr/news/articleView.html?idxno=81180. 26 July 2024. 26 July 2024. Choi Daeyoon.
  2. Web site: Hanwha Ocean 042660. FnGuide. December 2022. https://web.archive.org/web/20240123101929/https://comp.fnguide.com/SVO3/ASP/SVD_Main.asp?gicode=A042660. 23 January 2024. 23 January 2024.
  3. http://www.axsliner.com/WWW/research_files/EMMA_MAERSK_capa_estimate.pdf Emma Mærsk
  4. Web site: Triple-E Class Container Ships. 2014-10-10. ship-technology.com.
  5. Web site: RI orders 3 submarines worth $1b in regional 'catch-up' . December 22, 2011.
  6. Web site: DSME to Build Three Submarines for Indonesia . October 10, 2011 . October 10, 2011 . April 22, 2012 . https://web.archive.org/web/20120422183829/http://worldmaritimenews.com/archives/34579 . dead .
  7. News: Eric Roston . 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. . July 11, 2018 . Bloomberg . July 9, 2018.
  8. Web site: Aker Arctic Technology Inc Newsletter . akerarctic.fi . Aker Arctic . July 11, 2018 . 10 . March 2018 . https://web.archive.org/web/20180711120849/http://akerarctic.fi/sites/default/files/magazine-issue/fields/field_magazine_file/arctic_passion_news_1_2018.pdf . July 11, 2018 . dead .
  9. News: Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding . . 15 June 2016 . 22 June 2016.
  10. News: Daewoo Shipbuilding Told by Exchange to Improve Financials . Kyunghee Park . 29 September 2016 . Bloomberg .
  11. News: South Korea to inject $2.6 bln into ailing shipyard Daewoo . Youkyung Lee . 23 March 2017 . SFGate . dead . https://web.archive.org/web/20170324175011/http://www.sfgate.com/news/article/South-Korea-to-inject-2-6-bln-into-ailing-11021780.php . 24 March 2017 .
  12. News: North Korea hacked Daewoo Shipbuilding, took warship blueprints. Reuters. 2017-10-31.
  13. Web site: Park . Jae-Hyuk . Competition intensifies between Hanwha, HD Hyundai in shipbuilding industry . . 27 December 2022 . Dongwha Enterprise . 28 December 2022.