Hanwha Ocean

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Hanwha Ocean Co., Ltd.
Native name
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  • Daewoo Shipbuilding Industries (1978–2002)
  • Daewoo Shipbuilding & Marine Engineering (2002–2023)
Company type
Public
KRX: 042660
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Headquarters3370, Geoje-daero,
Geoje-si, Gyeongsangnam-do
,
South Korea
Number of locations
3: Okpo, Houston, London
Area served
Worldwide
Key people
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  • Kwon Hyuk-woong (CEO)
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Total equityTemplate:Br list (2024)
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Number of employees
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ParentHanwha Group
WebsiteOfficial website in English
Official website in Korean
Footnotes / references
[1][2]

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Hanwha Ocean Co., Ltd. (Korean: Script error: No such module "Lang".), formerly known as Daewoo Shipbuilding & Marine Engineering (Korean: Script error: No such module "Lang".), is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung.

History

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File:Aerial View of Daewoo Shipbuilding & Marine Engineering.jpg
Aerial view of Daewoo Shipbuilding & Marine Engineering in August 2017

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File:DSME Big Blue statute, Jongno-gu.jpg
"Big Blue" statue at the former DSME headquarters, 2015

In 1978, Daewoo acquired what would become DSME.[3]

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.[4] The contract is worth $1.9bn.[5] The first was to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn.[5] 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.[6] It also would mark the first exports of submarines from South Korea.[7]

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 Template:Cvt thick when sailing bow first and up to Template:Cvt thick in astern direction. The tankers were designed in Finland by Aker Arctic Technology Inc.[8][9]

The South Korean Board of Audit and Inspection found Template:KRWConvert of accounting fraud in DSME's books on 15 June 2016.[10] In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.[11] After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a Template:KRWConvert government loan in March 2017 to prevent bankruptcy.[12]

In 2017, it was uncovered that North Korea may have hacked the company and stole company's blueprints in April 2016.[13]

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.[14]

In July 2024, Hanwha Ocean became the second Korean shipbuilder after Hyundai Heavy Industries to sign a master ship repair agreement (MSRA) with Naval Supply Systems Command (NAVSUP), qualifying it to participate in the U.S. Navy's MRO business.[15]

On 29 August 2024, Hanwha Ocean won an MRO contract for the USNS Wally Schirra, the US Navy's auxiliary ship, and 3 months of maintenance work will take place at the Geoje Shipyard from 2 September 2024.[16][17]

Ships built

  • Crane vessels
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  • Container ships
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  • Submarines
    • 3 Type 214
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  • Surface naval
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  • Auxiliary ships
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Corporate governance

Ownership

Major shareholders as of 2025[2]
Shareholder Country Stake (%)
Hanwha Aerospace Script error: No such module "flag". 65.77%
National Pension Service Script error: No such module "flag". 5.81%
Hanwha Ocean Employee stock ownership Script error: No such module "flag". 4.85%
Treasury Stocks Script error: No such module "flag". 0.1%

See also

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References

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  1. ^ Page Module:Citation/CS1/styles.css has no content.Choi Daeyoon (1 April 2024). "[교과서에 없는 거제역사 이바구43] 조산산업의 메카 거제". Geoje News. Retrieved 26 July 2024.{{cite web}}: CS1 maint: deprecated archival service (link)
  2. ^ a b Page Module:Citation/CS1/styles.css has no content."Hanwha Ocean 042660". FnGuide. December 2024. Archived from the original on 29 April 2025. Retrieved 29 April 2025.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Seung-hyun, Song (2023-05-23). "DSME rebranded as Hanwha Ocean". The Korea Herald. Retrieved 2026-05-07.
  4. ^ Emma Mærsk Script error: No such module "webarchive".
  5. ^ a b Page Module:Citation/CS1/styles.css has no content."Triple-E Class Container Ships". ship-technology.com. Retrieved 2014-10-10.
  6. ^ Page Module:Citation/CS1/styles.css has no content."RI orders 3 submarines worth $1b in regional 'catch-up'". December 22, 2011.
  7. ^ Page Module:Citation/CS1/styles.css has no content."DSME to Build Three Submarines for Indonesia". October 10, 2011. Archived from the original on April 22, 2012. Retrieved October 10, 2011.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Eric Roston (July 9, 2018). "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". Bloomberg. Retrieved July 11, 2018.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Aker Arctic Technology Inc Newsletter" (PDF). akerarctic.fi. Aker Arctic. March 2018. p. 10. Archived from the original (PDF) on July 11, 2018. Retrieved July 11, 2018.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding". Yonhap News Agency. 15 June 2016. Retrieved 22 June 2016.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Kyunghee Park (29 September 2016). "Daewoo Shipbuilding Told by Exchange to Improve Financials". Bloomberg.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Youkyung Lee (23 March 2017). "South Korea to inject $2.6 bln into ailing shipyard Daewoo". SFGate. Archived from the original on 24 March 2017.
  13. ^ Page Module:Citation/CS1/styles.css has no content."North Korea hacked Daewoo Shipbuilding, took warship blueprints". Reuters. 2017-10-31.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Park, Jae-Hyuk (27 December 2022). "Competition intensifies between Hanwha, HD Hyundai in shipbuilding industry". The Korea Times. Dongwha Enterprise. Retrieved 28 December 2022.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Hanwha Ocean earns MSRA certification to participate in U.S. Navy's maintenance, repair, and overhaul business". Hanwha Ocean. 30 July 2024. Archived from the original on 4 September 2024. Retrieved 4 September 2024.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Hanwha Ocean becomes first South Korean shipyard to secure U.S. Navy MRO contract". Naval News. 29 August 2024. Archived from the original on 29 August 2024. Retrieved 29 August 2024.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Hanwha Ocean secures South Korea's first U.S. Navy MRO project". Hanwha Ocean. 4 September 2024. Archived from the original on 4 September 2024. Retrieved 4 September 2024.

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Wikimedia Commons has media related to Hanwha Ocean.Template:Preview warning

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