Daehan Shipbuilding announced on May 29 that it has secured an order for two Suezmax crude oil tankers from an Oceania-based shipping company. The total contract value stands at 282.8 billion won, with each vessel priced at approximately 141.4 billion won. This represents the highest per-vessel contract price Daehan Shipbuilding has recorded this year.
The deep trust established with the client has served as the key driving force behind this latest order. Although the shipping company only began its relationship with Daehan Shipbuilding last year as a new customer, it has continued to place additional orders even before taking delivery of its first vessel. Orders that commenced in September of last year now total nine vessels including the current contract, reflecting a high level of satisfaction with Daehan Shipbuilding’s construction quality.
The global shipbuilding market has recently shifted into a supplier-favored environment, driven by a convergence of tanker shortages stemming from geopolitical risks and growing demand for eco-friendly vessel replacements. Competition among global shipowners to secure construction slots at Daehan Shipbuilding’s docks has intensified, and this competition is increasingly translating into confirmed orders. The company had already secured its order book through the end of 2029, but through improved productivity it has created additional slots in 2028 and advanced delivery timelines accordingly.
Wang Sam-dong, CEO of Daehan Shipbuilding’s business division, explained, “Thanks to our accumulated expertise in shortening the production cycle, we were able to secure high-margin orders at the right time.”
Daehan Shipbuilding recorded consolidated revenue of 308.3 billion won (approximately $220.2 million) and operating profit of 82.6 billion won (approximately $59 million) in the first quarter of this year, achieving a high operating profit margin of 26.8%. The industry anticipates that as the annual number of vessels constructed increases on the back of this latest order, both revenue and operating profit will rise in tandem going forward.
Including this latest order, Daehan Shipbuilding has logged a total of 15 vessels in the first half of this year alone, and is expected to further cement its global standing in the Suezmax construction sector. The two vessels contracted this time are scheduled to be delivered to the shipowner sequentially beginning in November 2028.
Source:Business Korea
