On July 27, Hanwha Ocean released its earnings report, showing that its second-quarter operating profit nearly doubled year-over-year, driven by batch deliveries of liquefied natural gas (LNG) carriers, steady progress on various large-scale shipbuilding projects, and significant revenue recognition from the completion of an offshore engineering project.

According to filings with the Korea Exchange, the company posted an operating profit of 736.1 billion won (approximately $500.6 million) for April–June, up 98% from the same period last year. Revenue reached 5.44 trillion won, a sharp 65.2% increase year-over-year, while net profit soared 366.4% to 692.6 billion won.

For the first half of the year, Hanwha Ocean recorded cumulative revenue of 8.65 trillion won, up 34% year-over-year, and operating profit of 1.18 trillion won, an 87% improvement.

The company attributed the strong revenue growth to stable shipyard capacity utilization, continued operational efficiency gains, and an increase in total vessel deliveries. High-margin LNG carriers were the core profit driver. In addition, one offshore project completed and delivered in the second quarter contributed approximately 1.5 trillion won in revenue for the quarter.

Multiple favorable factors—including rising newbuild prices, foreign exchange gains from currency fluctuations, lower raw material costs for shipbuilding, and improved productivity—further boosted overall profitability.

As of end-June, Hanwha Ocean had secured new shipbuilding orders worth $4.35 billion in 2026, comprising 6 LNG carriers, 15 very large crude carriers (VLCCs), 3 very large ammonia carriers, and 1 offshore wind farm installation vessel.

Hanwha Ocean expects to maintain steady growth in the second half of the year, driven by continued strength in both its commercial shipbuilding and military naval segments.

Earlier, the company participated in a multibillion-dollar Canadian submarine procurement bid, which was ultimately awarded to Germany's ThyssenKrupp Marine Systems. Hanwha Ocean stated that while it did not win the contract, the bidding process fully validated the global competitiveness of its submarine technology.

Hanwha Ocean CFO Jang Yeon-sung commented: "This bid result cannot simply be seen as a failure. The experience proved that our independently developed submarine technology is fully capable of competing in the global market." He added that the company will leverage the technical expertise and project experience accumulated during the Canadian submarine bid preparation to pursue new naval vessel procurement orders in Greece, Thailand, the Middle East, and South America.