Press Release Aerospace & Mechatronics

Hanwha Ocean Clinches Order for World’s Largest Ammonia Carriers

November 23, 2023
  • Secured an order worth approximately $500 million from Greece-based Naftomar Shipping and Trading Co. Ltd. Inc. to build and supply four 93,000-cubic-meter (cbm) very large ammonia carriers (VLACs), the world’s largest vessels of this class
  • Equipped with differentiated eco-friendly and smart ship technologies developed by Hanwha Ocean and can be converted to ammonia propulsion in the future
A rendering from Hanwha Ocean shows one of the company’s 93,000 cubic meter very large ammonia carriers ordered by Naftomar.

A rendering of Hanwha Ocean’s very large ammonia carrier (VLAC)

Hanwha Ocean announced on November 14 that it has secured an order worth approximately $500 million to construct four very large ammonia carriers (VLACs) for Greek shipping company Naftomar Shipping and Trading Co. Ltd. Inc (Naftomar). Each VLAC will be able to transport 93,000 cubic meters (cbm) of ammonia, a carbon-free fuel, making them the largest vessel of their class in the world. The vessels will be built at Hanwha’s Geoje shipyard and delivered to the shipowner starting in 2026.

The VLACs will be outfitted with Hanwha Ocean’s latest technologies, including its shaft generator motor system (SGM)¹ and Hanwha SmartShip Solution & Service (HS4)², the company’s proprietary smart ship platform. They’ll also be equipped with an ammonia dual-fuel (DF) engine³ that will allow the shipowner the option to convert the carriers to utilize ammonia propulsion in the future. To meet current and projected greenhouse gas emissions regulations, these newbuild vessels will also incorporate a highly eco-friendly design with enhanced efficiency, built under Naftomar’s stringent specification requirements.

Through this order, Hanwha Ocean has once again proven its world-class technology competitiveness in the global market and aspires to catalyze the era of carbon-free shipping. The company aims to not only ensure the highest vessel quality but also maintain a continuous cooperative relationship with Naftomar.

After joining Hanwha Group, Hanwha Ocean formed a relationship with its new customer Naftomar based on its strengthened sales power. Naftomar is a shipping company based in Athens, Greece that specializes in transporting liquid petroleum gas (LPG) and ammonia worldwide and is aspiring to be one of the leaders in energy transition and decarbonization. It has been aggressively expanding its gas carrier fleet and also believes in the potential of the future ammonia market, as evidenced by the company’s order of the most modern VLACs.

Ammonia is considered an environmentally friendly fuel that does not emit any carbon dioxide during combustion, making it a promising candidate for decarbonizing the maritime shipping industry. Last year, Hanwha Ocean received approvals in principle (AiPs) for an 86,000-cbm ammonia carrier from France’s Bureau Veritas (BV) in September and the U.K.’s Lloyd’s Register (LR) in October, two recognized global classification societies in the maritime sector.

Hanwha Ocean is focusing on developing eco-friendly technologies to lead the era of carbon-free ships. Its strategy is rooted in gradually reducing greenhouse gas emissions and ultimately commercializing carbon-free ships that utilize alternative fuel technologies such as ammonia propulsion, hydrogen direct propulsion, and hydrogen fuel cell propulsion.

¹ shaft generator motor system (SGM): A power generating system that uses the rotational force of the vessel’s propulsion engine shaft to generate clean electricity.

² Hanwha SmartShip Solution & Service (HS4): A smart ship solution developed by Hanwha Ocean that collects and analyzes data generated from ships in operation on land and provides ship owners with information that can improve operational efficiency and safety. The security and reliability of the provided data has been improved by utilizing a cloud-based land data platform.

³ ammonia dual-fuel engine: An engine used in vessels that can simultaneously burn ammonia with other fuel sources, including diesel and natural gas.

Hanwha Ocean

Hanwha Ocean is a leading global company with extensive expertise and experience in the shipbuilding and offshore industry. Boasting the world’s most competitive LNG carriers built with eco-friendly and highly efficient technology, the company has continuously pioneered new businesses since 1973, producing a vast range of vessels, including commercial ships, drillships, and specialty ships. Hanwha Ocean will be at the forefront of pioneering advanced marine solutions for decarbonization and further expand Hanwha’s green energy ecosystem to create positive, sustainable change throughout the world.

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