LNG

Hanwha Ocean has secured an order worth 2.59 trillion won ($1.75 billion) to build seven LNG carriers for an undisclosed European shipowner. The South Korean shipbuilder said the order highlights continued demand from European owners as the region seeks to secure long-term LNG supply and modernise its shipping fleet.

Hanwha Ocean is expecting higher profits in 2025 from its LNG carrier newbuilding segment. In its third-quarter results, the South Korean shipbuilder said its “robust orderbook” is supporting earnings growth, though demand for LNG carriers is likely to fall from 2026 onwards amid a “normalisation” in global gas demand.

T&T Group of Vietnam is tackling legal hurdles to get the Hai Lang LNG-to-power project built and commissioned by mid-2029. With revised capital costs of more than $2.3 billion, the project counts on backing from the Korean trio Hanwha Energy, KOGAS and KOSPO.