{"slug":"hanwha-ocean","name":"한화오션","name_en":"Hanwha Ocean","ticker":"042660.KS","updated_at":"2026-07-12T04:06:47.55+00:00","canonical":"https://valuechain.wiki/hanwha-ocean","citable":"밸류체인 그래프 기준 한화오션의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hanwha Ocean is directly linked to 3 companies (2 supply, 0 revenue, 1 investment relationships) and reaches 5 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 조선·방산 · 구 대우조선해양","kicker_en":"KOSPI · shipbuilding & defense · ex-DSME","lead":"LNG·원유·컨테이너선(상선), FPSO·시추설비(해양), 잠수함·구축함(특수선)을 짓는 종합 조선사다. 2023년 한화가 대우조선해양을 인수해 사명을 바꿨고, 최대주주는 한화에어로스페이스다. 2025년 세계 최초로 200번째 LNG운반선을 인도했고 장보고-III 잠수함을 건조한다.","lead_en":"A full-line shipbuilder spanning merchant vessels (LNG, crude, container), offshore (FPSO, drilling) and naval ships (submarines, destroyers). Hanwha acquired DSME in 2023 and renamed it; Hanwha Aerospace is the largest shareholder. It delivered the world's 200th LNG carrier in 2025 and builds KSS-III submarines.","segments":{"parts":[{"desc":"LNG·원유·컨테이너·LPG선 건조. 세계 최초 200번째 LNG선 인도로 대표되는 고부가 상선이 본업의 축.","name":"상선 (LNG·원유·컨테이너·LPG선)"},{"desc":"FPSO·해양생산설비·시추. 셰브론 호주 등 오일메이저 발주로 도는, 상선과 다른 프로젝트 사이클의 부문.","name":"해양 (FPSO·플랫폼·시추)"},{"desc":"잠수함·구축함·구난함. 방위사업청·미 해군을 고객으로, MRO에서 건조로 확장하는 방산 성장축.","name":"특수선 (잠수함·구축함·구난함)"}],"total":"상선·해양·특수선 3부문 + 플랜트·풍력(2024 한화 양수)"},"segments_en":{"parts":[{"desc":"Building LNG, crude, container and LPG carriers — high-value merchant ships, epitomized by the world's 200th LNG carrier, anchor the base business.","name":"Merchant (LNG, crude, container, LPG)"},{"desc":"FPSOs, offshore production platforms and drilling — a segment on a project cycle distinct from merchant ships, driven by oil-major orders (e.g. Chevron Australia).","name":"Offshore (FPSO, platforms, drilling)"},{"desc":"Submarines, destroyers and salvage ships — the defense growth axis serving DAPA and the US Navy, expanding from MRO into newbuild.","name":"Naval (submarines, destroyers)"}],"total":"Merchant, offshore, naval segments plus plant and wind (from Hanwha, 2024)"},"returns_yearly":{"2021":-24.9,"2022":25.6,"2023":9.6,"2024":160.6,"2025":142.1,"2026":-41.3},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"posco-holdings","name":"POSCO홀딩스","name_en":"POSCO Holdings","tier":1,"returns_yearly":{"2021":13.9,"2022":19.9,"2023":43,"2024":-37.3,"2025":38.3,"2026":-8.8}},{"slug":"hd-hyundai-heavy-industries","name":"HD현대중공업","name_en":"HD Hyundai Heavy Industries","tier":1,"returns_yearly":{"2022":11.4,"2023":3.2,"2024":172.6,"2025":86.9,"2026":-11.8}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":1,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6}},{"slug":"hd-korea-shipbuilding-offshore-engineering","name":"HD한국조선해양","name_en":"HD Korea Shipbuilding & Offshore Engineering","tier":2,"returns_yearly":{"2021":-15.2,"2022":-0.1,"2023":42.6,"2024":104.4,"2025":84,"2026":-16}},{"slug":"posco-future-m","name":"포스코퓨처엠","name_en":"POSCO Future M","tier":2,"returns_yearly":{"2021":-17.7,"2022":97.6,"2023":16.3,"2024":-43.6,"2025":56.5,"2026":-32}}],"analysis":"투자 논점은 상선 슈퍼사이클과 방산(특수선)이라는 두 성장축을 한화 인수 시너지로 얼마나 키우느냐다. LNG선(2025년 세계 최초 200번째 인도)·VLCC 등 고부가 상선 수주가 본업을 받치고, 장보고-III 잠수함·미 해군 MRO(필리조선소 인수)로 방산이 정비에서 건조로 확장 중이다. 최대주주 한화에어로스페이스와의 방산 결합과 한화엔진 편입(엔진 수급 안정)이 수직 시너지를 만든다. 리스크는 후판(포스코·현대제철)·엔진 등 과점 기자재 원가와, 2025년 급등 뒤 2026년 되돌림에서 보이듯 수주가 실적으로 실현되는 시차다.","analysis_en":"The thesis is how much Hanwha Ocean grows its two axes — the merchant-ship supercycle and naval defense — through the Hanwha acquisition's synergies. High-value merchant orders (LNG carriers — the world's 200th delivered in 2025 — and VLCCs) anchor the base, while defense expands from repair to newbuild via KSS-III submarines and US Navy MRO (the Philly Shipyard acquisition). Vertical synergy comes from combining with largest shareholder Hanwha Aerospace and folding in Hanwha Engine (stabilizing engine supply). The risks are oligopoly equipment costs (steel plate from POSCO/Hyundai Steel, engines) and the lag between orders and realized earnings — visible in the 2025 surge and 2026 give-back.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 선주 (LNG선·VLCC·컨테이너선)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2026-06-19","basis":"DART 단일공급계약","value":800100000000,"period":"VLCC 4척(2026.6 공시)","basis_en":"DART supply-contract filing"},"note":"선주 직접매매로 LNG선·초대형 원유운반선(VLCC)·컨테이너선 건조. 2026년 단건 공시: VLCC 4척 8,001억원(아시아 지역 선주, 매출 대비 6.3%). 2025년 2월 세계 최초 200번째 LNG운반선 인도.","note_en":"Sells directly to shipowners for LNG carriers, VLCCs and boxships. A June 2026 disclosure: 4 VLCCs at KRW 800.1bn (an Asia-region owner, 6.3% of revenue). Delivered the world's 200th LNG carrier in Feb 2025.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260619800742","title":"한화오션 단일판매·공급계약체결 (VLCC 4척)","title_en":"Hanwha Ocean supply contract (4 VLCCs)","excerpt":"체결계약명 'VLCC 4척', 계약금액 8,001억원, 최근매출액 대비 6.3%, 계약상대 '아시아 지역 선주'.","excerpt_en":"Contract '4 VLCCs', KRW 800.1bn, 6.3% of recent revenue, counterparty 'an Asia-region owner'."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"2025년 2월 세계 최초 200번째 LNG운반선 인도.","excerpt_en":"Delivered the world's 200th LNG carrier in Feb 2025."}]},{"direction":"revenue","counterparty":"글로벌 선주 (LNG선·상선)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"LNG 운반선 중심의 상선 수주가 본업 축.","note_en":"LNG carriers anchor the commercial shipbuilding book.","sources":[{"stance":"mentions","publisher":"이투데이","publisher_en":"E-Today","kind":"news","lang":"ko","published_at":"2026-04-19","url":"https://www.etoday.co.kr/news/view/2576978","title":"미 해군 MRO 속도전 — HD현대중공업·한화오션 잇단 수주","title_en":"US Navy MRO race: HD Hyundai and Hanwha Ocean win back-to-back","excerpt":"조선 3사 슈퍼사이클 국면의 방산·상선 병행.","excerpt_en":"Defense and commercial books run in parallel."}]},{"direction":"revenue","counterparty":"미 해군 (함정 MRO·NGLS)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"미 해군 MRO 누적 3건 수주(부산·진해 정비, 지역 15개사 클러스터) + 한화 방산 미국법인이 차세대 군수지원함(NGLS) 개념설계 수주 — MRO에서 건조로 확장 국면.","note_en":"Three cumulative US Navy MRO awards (maintenance in Busan/Jinhae with a 15-company cluster), plus the NGLS concept-design win via Hanwha's US defense arm - expanding from MRO toward construction.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-04-28","url":"https://m.g-enews.com/view.php?ud=202604282106365580fbbec65dfb_1","title":"미 해군 차세대 군수함 설계를 한국에 — MRO 넘어 건조로","title_en":"US Navy taps Korea for next-gen logistics ship design","excerpt":"한화 방산 미국 법인이 미 해군 차세대 군수지원함(NGLS) 개념 설계 계약 수주.","excerpt_en":"Hanwha's US arm won the NGLS concept-design contract."},{"stance":"confirms","publisher":"이투데이","publisher_en":"E-Today","kind":"news","lang":"ko","published_at":"2026-04-19","url":"https://www.etoday.co.kr/news/view/2576978","title":"미 해군 MRO 속도전 — HD현대중공업·한화오션 잇단 수주","title_en":"US Navy MRO race: HD Hyundai and Hanwha Ocean win back-to-back","excerpt":"한화오션은 미 해군 MRO 3건을 수주해 부산·진해에서 함정 정비 진행 중 — 지역 정비업체 15곳과 클러스터 구축.","excerpt_en":"Hanwha Ocean holds three US Navy MRO awards, servicing ships in Busan/Jinhae."}]},{"direction":"revenue","counterparty":"방위사업청 (특수선·잠수함·구축함)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"특수선 부문 주요 고객은 방위사업청 — 장보고-III Batch-II 1번함 '장영실함' 진수(2025.10), 3천톤급 도산안창호함 인도, 인도네시아 PT.PAL과 1,400톤급 잠수함 협력.","note_en":"The naval segment's main customer is Korea's DAPA - launched the KSS-III Batch-II lead boat 'Jang Yeong-sil' (Oct 2025), delivered the 3,000t Dosan Ahn Changho, and cooperated with Indonesia's PT PAL on 1,400t submarines.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"특수선 주요 고객 방위사업청; 2025.10 장보고-III Batch-II 1번함 장영실함 진수.","excerpt_en":"Naval segment's main customer is DAPA; launched KSS-III Batch-II lead boat Oct 2025."}]},{"direction":"revenue","counterparty":"Chevron Australia (해양 FPSO·플랜트)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"해양 부문 주요 고객으로 Chevron Australia Pty Ltd 명시(사업보고서) — FPSO·해양생산설비.","note_en":"Chevron Australia Pty Ltd is named as a key offshore-segment customer (annual report) for FPSO and offshore production facilities.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"해양·특수선 부문 주요 고객: 방위사업청, Chevron Australia Pty Ltd 외.","excerpt_en":"Offshore/naval key customers: DAPA, Chevron Australia Pty Ltd, and others."}]},{"direction":"investor","counterparty":"한화에어로스페이스 (최대주주)","counterparty_slug":"hanwha-aerospace","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"2023년 5월 제3자배정 증자로 최대주주가 한국산업은행에서 한화에어로스페이스 외로 변경(대우조선해양 인수). 2025년말 최대주주 한화에어로스페이스 외 1인.","note_en":"A May 2023 third-party allotment shifted control from Korea Development Bank to Hanwha Aerospace and others (the DSME acquisition); at end-2025 the largest holder is Hanwha Aerospace and one other.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"2023.05.23 제3자배정 증자로 최대주주가 한국산업은행→한화에어로스페이스 외 4인으로 변경; 2025년말 최대주주 한화에어로스페이스 외 1인.","excerpt_en":"May 2023 allotment shifted control from KDB to Hanwha Aerospace; largest holder at end-2025 is Hanwha Aerospace."}]},{"direction":"cost","counterparty":"POSCO·현대제철 (선박용 후판·강재)","counterparty_slug":"posco-holdings","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"사업보고서: 선박 건조용 철판(후판)은 포스코·현대제철 등 국내 제철소와 일본·중국에서 매입. 후판 가격은 스틸데일리 국내 후판 유통가 기준.","note_en":"Per the annual report, ship steel plate is bought from POSCO, Hyundai Steel and other Korean mills plus Japan and China; plate prices track SteelDaily's domestic distribution price.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"선박 건조에 필요한 철판(후판)은 포스코, 현대제철 등 국내제철소와 일본 및 중국에서 매입.","excerpt_en":"Ship steel plate is purchased from POSCO, Hyundai Steel and other Korean mills plus Japan and China."}]},{"direction":"cost","counterparty":"HD현대중공업·한화엔진 (선박용 메인엔진)","counterparty_slug":"hd-hyundai-heavy-industries","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"사업보고서: 선박 주요 부품인 엔진은 HD현대중공업·한화엔진 등에서 매입. 한화엔진은 2024년 4월 한화그룹 편입으로 엔진 수급 안정성 강화. 후판·엔진 모두 과점 시장.","note_en":"Per the annual report, main engines are bought from HD Hyundai Heavy Industries and Hanwha Engine; Hanwha Engine joined the Hanwha group in April 2024, improving engine-supply security. Both plate and engines are oligopoly markets.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"선박 주요 부품인 엔진은 HD현대중공업, 한화엔진 등으로부터 매입. 한화엔진 2024.4 한화 편입.","excerpt_en":"Main engines bought from HD Hyundai Heavy Industries and Hanwha Engine; Hanwha Engine joined Hanwha in April 2024."}]},{"direction":"revenue","counterparty":"미 해군 (함정 MRO·필리조선소)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"미 해군 MRO 다건 수주(부산·진해 정비) + 필라델피아 필리조선소 인수로 미국 함정 사업 진출.","note_en":"Multiple US Navy MRO awards (maintenance in Busan/Jinhae) plus the Philly Shipyard acquisition for entry into US naval work.","sources":[{"stance":"mentions","publisher":"Naval News","publisher_en":"Naval News","kind":"news","lang":"en","published_at":"2026-04-19","url":"https://www.navalnews.com/naval-news/2025/","title":"Korean yards win US Navy MRO and eye NGLS","title_en":"Korean yards win US Navy MRO and eye NGLS","excerpt":"Korean yards including Hanwha Ocean win US Navy MRO and pursue NGLS; Hanwha owns Philly Shipyard.","excerpt_en":"Hanwha Ocean wins US Navy MRO and owns Philly Shipyard."}]}]}