Hanwha Ocean Q2 profit reaches KRW371b on strong LNG carrier sales

South Korean shipbuilder Hanwha Ocean has reported an operating profit of KRW371.7 billion ($267.5 million) for the second quarter of 2025, a significant turnaround from a loss in the same period last year. The company's sales for the quarter reached KRW3.29 trillion, a 30 per cent increase year-on-year.

For the first half of 2025, cumulative sales reached KRW6.43 trillion with an operating profit of KRW630.3 billion.

Hanwha Ocean stated the year-on-year sales increase was driven by more operating days and an increased sales portion of high-margin liquefied natural gas (LNG) carriers. The return to profitability was attributed to a decreasing share of lower-priced containerships in the production mix and the corresponding increase in LNG carrier work.

The company's merchant vessel division continued to see growth in both sales and profits.

The specialised ships division saw a slight quarter-on-quarter decrease in sales as construction of the KSS-III Batch-II lead submarine neared completion, but it maintained a solid profit margin from submarine, surface ship, and US Navy maintenance, repair, and overhaul (MRO) projects.

The marine division saw a slight quarter-on-quarter sales increase as a drillship performance improvement project neared its end.