Hanwha Ocean (042660)
Hanwha Ocean (042660), the former Daewoo Shipbuilding now owned by Hanwha, is a KOSPI-listed Korean shipbuilder. It builds LNG carriers, tankers, submarines, and naval ships, leads US Navy maintenance work, and owns the Philly Shipyard. In ETFpedia it represents both the Korea defense and Korea manufacturing concepts as a naval and commercial yard.
| Ticker | 042660 |
|---|---|
| Exchange | KOSPI |
| Sector | Shipbuilding · Naval & Commercial |
| Country | South Korea |
| Wikidata | Q497860 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Korean issuers do not pre-announce earnings dates. Last report: Q1 2026 분기보고서 filed 2026-05-13. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-13)
Hanwha Ocean grew Q1 2026 revenue 2% year over year to ₩3.21T, but profitability jumped: operating profit rose 71% to ₩4,411억 and net income rose 132% to ₩5,000억 as higher-priced LNG and tanker orders flowed through the income statement.
| Revenue | ₩3.21T+2%YoY |
|---|---|
| Operating profit | ₩4,411억+71%YoY |
| Net income | ₩5,000억+132%YoY |
Revenue by segment
| Commercial shipbuilding (LNG/LPG carriers, tankers, container ships) | largest business |
|---|---|
| Naval & special ships (submarines, surface combatants, MRO) | defense franchise |
| Offshore & other | project-based |
Recent & upcoming events
- · FY2025 results filed.Full-year 2025 revenue rose 19% to ₩12.78T, operating profit jumped 391% to ₩1.17T and net income rose 136% to ₩1.25T, as the order backlog of high-value LNG carriers converted into much stronger margins. (source)
- · 2025 new orders pass about US$10.5 billion (₩14T).Korean media reported Hanwha Ocean's cumulative 2025 new orders topped roughly US$10.5 billion (about ₩14T), led by LNG carriers and tankers, after adding a large LNG order from a European owner. (source)
- · ₩7,383억 LNG carrier order.Disclosed a roughly ₩7,383억 contract for two LNG carriers, extending its high-value commercial backlog into 2029 deliveries. (source)
Figures are from Hanwha Ocean's DART filings (consolidated). Order totals are annual intake figures from Korean reporting, not DART income-statement lines. MASGA and US Navy MRO activity is described from Korean news.
Figures are as of 2026-05-13 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Hanwha Ocean do?
Hanwha Ocean is one of Korea’s big-three shipbuilders, formerly Daewoo Shipbuilding & Marine Engineering and taken over by the Hanwha Group in 2023. Its largest business is commercial shipbuilding, where it is a leading builder of LNG and LPG carriers, crude tankers, and container ships, the high-value vessels that have driven the recent Korean shipbuilding upcycle. On top of that it runs a naval franchise, building submarines and surface combatants for the Korean navy, and it has pushed hard into the United States: it owns the Philly Shipyard in Philadelphia and has become the lead Korean yard in US Navy maintenance, repair, and overhaul (MRO) work (Financial News). Offshore production facilities round out the portfolio on a project basis.
Why is Hanwha Ocean a Korea defense (and manufacturing) company?
Hanwha Ocean sits in two concepts because it does two things at scale. As a builder of LNG carriers and tankers for owners worldwide, it is a flagship of Korea manufacturing. As a builder of Korean submarines and naval ships, and as the spearhead of the MASGA (“Make American Shipbuilding Great Again”) US-Korea cooperation effort, it is a core Korea defense name. The US naval angle is the one most specific to the thesis: Hanwha is using the Philly Shipyard as a beachhead for US Navy work that local yards alone cannot absorb.
“Hanwha Ocean surpassed cumulative 2025 orders of about US$10.5 billion (₩14 trillion) after adding a large LNG carrier order from a European owner, led by high-value LNG carriers and tankers.”
What did Hanwha Ocean report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Hanwha Ocean grew revenue 2% year over year to ₩3.21T, but the profit story was the headline: operating profit rose 71% to ₩4,411억 and net income rose 132% to ₩5,000억 (DART 분기보고서). That extends a striking full-year 2025: revenue rose 19% to ₩12.78T, operating profit jumped 391% to ₩1.17T and net income rose 136% to ₩1.25T (DART 사업보고서), as the backlog of high-priced LNG carriers booked during the upcycle converted into far stronger margins. With flat revenue but surging profit, the company is in the phase where price, not volume, drives earnings, and Korean reporting points to US Navy MRO and MASGA new-build work as the next leg later in 2026.
What are the risks for Hanwha Ocean?
- Shipbuilding cyclicality. Newbuild prices and order volumes move in long cycles; the current margin strength reflects an upcycle backlog that will eventually be delivered and need replacing.
- Execution on US ambitions. MASGA, the Philly Shipyard ramp, and US Navy MRO are large, multi-year bets that depend on US policy, funding, and the company’s ability to scale American capacity.
- Order timing and concentration. Large LNG and naval orders are lumpy, so backlog and revenue recognition can swing quarter to quarter.
- Cost and labor inflation. Steel, labor, and yard-capacity costs can erode the margins that the high-value backlog is currently delivering.
Related securities, concepts & terms
Related indices & ETFs
- Akros Korea Defense Index · AkrosHanwha Ocean is a representative member of the Korea defense concept.
Frequently asked questions about Hanwha Ocean
What does Hanwha Ocean do?
Hanwha Ocean is a Korean shipbuilder, formerly Daewoo Shipbuilding & Marine Engineering and now part of the Hanwha Group. It builds commercial vessels such as LNG and LPG carriers, tankers, and container ships, plus naval ships and submarines and offshore production facilities. It also leads Korea's role in US Navy ship maintenance and the MASGA US-Korea shipbuilding effort, and owns the Philly Shipyard in Philadelphia.
Why is Hanwha Ocean part of the Korea defense theme?
Beyond commercial ships, Hanwha Ocean builds Korea's submarines and naval surface combatants, and it is the lead Korean yard in US Navy maintenance (MRO) work and the MASGA US-Korea shipbuilding cooperation effort. That naval-defense franchise, on top of its position as one of Korea's big three shipbuilders, is why it sits in both the Korea defense and Korea manufacturing concepts.
What was Hanwha Ocean's latest revenue?
In Q1 2026 (ended March 31, 2026) Hanwha Ocean reported revenue of ₩3.21T, up 2% year over year, with operating profit up 71% to ₩4,411억 and net income up 132% to ₩5,000억 (DART 분기보고서). For full-year 2025, revenue rose 19% to ₩12.78T and operating profit jumped 391% to ₩1.17T.
When does Hanwha Ocean next report earnings?
Hanwha Ocean is expected to file its H1 2026 semi-annual report (반기보고서) around August 14, 2026. That date is estimated from Korea's 45-day semi-annual filing deadline and is not company-confirmed; Korean issuers do not pre-announce earnings dates. It last reported Q1 2026 results on May 13, 2026.
Sources & references
- Hanwha Ocean Q1 2026 quarterly report (분기보고서 2026.03) · DART / Financial Supervisory Service, 2026-05-13
- Hanwha Ocean FY2025 business report (사업보고서 2025.12) · DART / Financial Supervisory Service, 2026-03-11
- Hanwha Ocean passes ₩14 trillion in 2025 orders as a global marine solutions provider · Asia Time (아시아타임즈), 2025-12-22
- MASGA spearhead Hanwha Ocean tightens ties with the US Department of Defense · Financial News (파이낸셜뉴스), 2026-05-29