Hanwha Ocean runs three business pillars centred on its Geoje yard: commercial ships, energy plant (offshore), and naval/special ships. Commercial shipbuilding is concentrated in high-value vessel types such as LNG carriers, very large crude carriers and LNG dual-fuel container ships, and is the core earnings engine.
According to press reports, second-quarter 2026 commercial ship revenue was KRW 3.2397tn with operating profit of KRW 735.6bn, accounting for most of group operating profit (Bizwatch, 27 July 2026).
The same report put the energy plant unit at KRW 2.0679tn in revenue and KRW 6.2bn in operating profit, a swing to profit driven largely by project revenue previously recognised on a delivery basis being booked at once.
The naval unit recorded KRW 327.2bn in revenue but an operating loss of KRW 2.9bn, as submarine and surface combatant programmes progressed while selling, general and administrative plus fixed-cost burdens persisted.
Customers span European and Asian liners, Oceania and Middle Eastern owners, Korea's Defense Acquisition Program Administration, and the U.S. Navy and federal agencies.
A recent example is the contract with Taiwan's Yang Ming Marine Transport for six 13,650 TEU LNG dual-fuel container ships worth about KRW 1.5527tn, to be delivered progressively through the second half of 2029 (3 September 2026).
In the U.S., Philly Shipyard, acquired jointly with Hanwha Systems, serves as a local base combining commercial vessels, non-combatant ships and maintenance work.
Domestically the company competes in a three-way structure with HD Hyundai Heavy Industries and Samsung Heavy Industries, distinguished by an unusually high weighting of LNG carriers in its backlog.