KOSPI · shipbuilding & defense · ex-DSME
Hanwha Ocean
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.
042660.KS Updated Jul 12, 2026 3 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · Merchant, offshore, naval segments plus plant and wind (from Hanwha, 2024)
- Segments · Merchant (LNG, crude, container, LPG) · Offshore (FPSO, platforms, drilling) · Naval (submarines, destroyers)
Revenue from
- 글로벌 선주 (LNG선·VLCC·컨테이너선) High confidence· contract 800,100,000,000원 · VLCC 4척(2026.6 공시) · DART supply-contract filing
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. - 글로벌 선주 (LNG선·상선) High confidence
LNG carriers anchor the commercial shipbuilding book.Mentions KO E-Today Published Apr 19, 2026: US Navy MRO race: HD Hyundai and Hanwha Ocean win back-to-back - 미 해군 (함정 MRO·NGLS) High confidence
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.Confirms KO Global Economic Published Apr 28, 2026: US Navy taps Korea for next-gen logistics ship designConfirms KO E-Today Published Apr 19, 2026: US Navy MRO race: HD Hyundai and Hanwha Ocean win back-to-back - 방위사업청 (특수선·잠수함·구축함) High confidence
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. - Chevron Australia (해양 FPSO·플랜트) High confidence
Chevron Australia Pty Ltd is named as a key offshore-segment customer (annual report) for FPSO and offshore production facilities. - 미 해군 (함정 MRO·필리조선소) Medium confidence
Multiple US Navy MRO awards (maintenance in Busan/Jinhae) plus the Philly Shipyard acquisition for entry into US naval work.
Pays to
- POSCO·현대제철 (선박용 후판·강재) High confidence
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. - HD현대중공업·한화엔진 (선박용 메인엔진) High confidence
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.
Investors
- 한화에어로스페이스 (최대주주) High confidence
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hanwha Ocean | node | -24.9 | +25.6 | +9.6 | +160.6 | +142.1 | -41.3 |
| POSCO Holdings | benef1 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| HD Hyundai Heavy Industries | benef1 | · | +11.4 | +3.2 | +172.6 | +86.9 | -11.8 |
| Hanwha Aerospace | benef1 | +19.3 | +70.4 | +74.3 | +163.6 | +227.6 | -25.6 |
| HD Korea Shipbuilding & Offshore Engineering | benef2 | -15.2 | -0.1 | +42.6 | +104.4 | +84 | -16 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10