Hanwha Ocean Lands $255M Deal to Build Two VLCCs for Scorpio Tankers

A $255M contract cements Hanwha Ocean’s dominance in global shipbuilding. With oil transport demand surging, Scorpio Tankers bets big on new VLCCs.

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2025 December 2 . 9:14 AM

1 min read

In this picture there are ships on the water at the bottom side of the image and there are... — In this picture there are ships on the water at the bottom side of the image and there are vehicles, trees, poles, aircraft, and buildings in the background area of the image.

Hanwha Ocean Lands $255M Deal to Build Two VLCCs for Scorpio Tankers

Hanwha Ocean has won a major contract to build two very large crude carriers (VLCCs) for Scorpio Tankers, a New York-listed shipping firm. The deal, valued at 375.3 billion won ($255 million), marks another significant order for the South Korean shipbuilder this year.

The two VLCCs are set for delivery by December 2028. Scorpio Tankers, which specialises in product tankers, placed the order as demand for oil transport grows. The company is registered in Oceania but operates globally.

VLCC freight rates have climbed recently, driven by higher oil production and exports from OPEC+ nations. The group includes Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates. Industry analysts also expect replacement demand for older VLCCs to keep the market strong.

Hanwha Ocean has now secured $7.96 billion in vessel contracts so far in 2024. The latest order adds to its expanding portfolio in large-scale commercial shipping.

The new VLCCs will join Scorpio Tankers’ fleet by the end of 2028. Rising oil exports and an ageing global tanker fleet are likely to sustain demand for such vessels. Hanwha Ocean continues to strengthen its position in the shipbuilding sector with this latest deal.