Shipbuilding & defense · Former 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 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Hanwha Ocean is directly linked to 3 companies (2 supply, 0 revenue, 1 investment relationships) and reaches 6 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 | -37.3 |
| POSCO Holdings | benef1 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -1.4 |
| Hanwha Aerospace | benef1 | +19.3 | +70.4 | +74.3 | +163.6 | +227.6 | -18.8 |
| HD Hyundai Heavy Industries | benef1 | · | +11.4 | +3.2 | +172.6 | +86.9 | -22.6 |
| HD Korea Shipbuilding & Offshore Engineering | benef2 | -15.2 | -0.1 | +42.6 | +104.4 | +84 | -12.6 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -17.8 |
| Hanwha Systems | benef2 | +2.7 | -7.1 | +17.7 | +65.6 | +273.8 | -26.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
Hanwha Ocean operates across KOSPI, shipbuilding & defense, ex-DSME. After +142.1% in 2025, it gave back -37.3% in 2026. The supply side (avg -12%) leads the stock (-37.3%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is POSCO Holdings (-1.4%) and the furthest behind is HD Hyundai Heavy Industries (-22.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It delivered the world's 200th LNG carrier in 2025 and builds KSS-III submarines.
Analysis generated from returns as of 2026-09-04