Hanwha Ocean Co., the shipbuilding subsidiary of Hanwha Group, reported a return to profit in the third quarter of 2025, supported by strong demand for high-value vessels.
For the three months ended in September, the company posted a net profit of 269.4 billion won (US$187.8 million), reversing a loss of 74.8 billion won in the same period a year earlier.
Operating profit rose sharply to 289.8 billion won from 25.6 billion won, while sales increased 11.8 percent to 3.02 trillion won from 2.7 trillion won.
According to the company, the quarterly results were driven by continued orders for value-added ships such as liquefied natural gas (LNG) carriers and submarines, including those under the Navy’s Changbogo-III Batch-II program.
It also said maintenance, repair and overhaul projects for the U.S. Navy contributed to higher earnings.
For the January–September period, Hanwha Ocean recorded a net profit of 633.6 billion won, compared with a net loss of 51.2 billion won a year earlier. Operating profit jumped to 920.1 billion won from 68.9 billion won, while sales rose 25.8 percent to 9.46 trillion won from 7.52 trillion won.
So far this year, the company has secured US$6.32 billion worth of orders to build 32 vessels, including 12 very large crude carriers, 13 container ships and six LNG carriers. Hanwha Ocean expects LNG carriers to continue accounting for around 60 percent of total sales and to maintain stable profitability backed by high-end ship orders received since 2023.
Hanwha Ocean Co. is a South Korea-based shipbuilding company specializing in the construction of commercial and naval vessels, including LNG carriers, container ships, and submarines. The firm was formerly known as Daewoo Shipbuilding & Marine Engineering Co. before being integrated into Hanwha Group in 2023.
