Hanwha Ocean, a major player in South Korea's shipbuilding industry, is making waves both on the trading floor and in the global marine engineering sector. Over the past several days, the company has captured the attention of investors, analysts, and industry experts alike, thanks to a string of notable achievements and a bold push into next-generation, eco-friendly technologies.
On the morning of March 3, 2026, shares of Hanwha Ocean surged on the KOSPI market, reaching 152,500 KRW at 9:44 a.m.—an impressive 8.00% jump from the previous close, according to NaverPay Securities as reported by JoongAng Economy News. The stock opened at 144,700 KRW and fluctuated between a low of 141,800 KRW and a high of 154,800 KRW. Trading volume was robust, with nearly 2.65 million shares changing hands and a trading value of approximately 396.6 billion KRW. By 9:59 a.m., the price had settled at 148,700 KRW, still up 5.31% from the previous day, as noted by TopStarNews. The company’s market capitalization stood at 46.9 trillion KRW, ranking it 15th on the KOSPI, and its price-to-earnings ratio (PER) of 38.52 outpaced the sector average of 33.37.
This surge is not just a blip. Over the past month, foreign investors net purchased 103,000 shares of Hanwha Ocean, and institutional investors added 428,000 shares to their holdings, based on data collated by Korea Economic Daily. In contrast, individual investors offloaded 566,000 shares. Interestingly, institutions have been net sellers for five consecutive days, dumping 595,000 shares, but foreign investors made a significant net purchase on March 2, drawing even more investor interest.
What’s driving this bullish sentiment? Much of it can be traced to Hanwha Ocean's aggressive pivot toward high-value, eco-friendly shipbuilding and its recent international project wins. On March 2, 2026, the company was selected by Chevron Mediterranean as the additional module fabricator for the Leviathan gas field expansion project in the Eastern Mediterranean, according to Offshore Technology. Hanwha Ocean has been involved in the Leviathan project since the third quarter of 2024, providing technical advice from the early stages to optimize design and constructability. This hands-on approach, moving beyond simple construction to deep engineering collaboration, was a decisive factor in securing the contract.
The Leviathan gas field, situated roughly 10 kilometers off Israel’s Dor coast, is the largest asset in the Eastern Mediterranean. The expansion aims to boost gas supply capacity to about 21 billion cubic meters annually, with three additional offshore wells and major upgrades to subsea infrastructure. The project is expected to be fully operational by the late 2020s. The consortium behind Leviathan includes Chevron (39.66%), NewMed Energy (45.34%), and Ratio Energy (15%).
Philip Levy, head of Hanwha Ocean’s Energy Plant Division, expressed pride in the company’s selection, stating on social media, "It is an honor to be chosen as the module fabricator for the Leviathan expansion project. We are committed to ensuring a safe and successful execution, further strengthening our long-term partnership with Chevron." As Global Economic points out, Hanwha Ocean’s win showcases a strategic shift for Korean shipbuilders: moving upstream in the value chain by offering technical expertise from the outset, thus avoiding cutthroat price competition and focusing on profitability.
Domestically, Hanwha Ocean’s technological ambitions are closely aligned with the South Korean government’s policy direction. The Ministry of Trade, Industry and Energy has earmarked 320 billion KRW in 2026 to boost the shipbuilding sector’s competitiveness, with 187.9 billion KRW allocated specifically for eco-friendly ships and 132.7 billion KRW for AI and digital shipyard technology. This represents a 23% increase from the previous year, according to SeoulWire, signaling a clear shift toward innovation-driven growth. The government’s support dovetails with Hanwha Ocean’s "zero-carbon marine ecosystem" strategy, which was highlighted by Hanwha Vice Chairman Kim Dong-kwan at the Davos Forum. There, he emphasized the need to overhaul traditional ship propulsion systems and invest in next-generation energy infrastructure.
At the heart of Hanwha Ocean’s innovation drive is its push to commercialize fully zero-carbon LNG carriers by 2028. The company is developing vessels powered by a combination of ammonia gas turbines and hydrogen fuel cells—both considered at the cutting edge of green marine propulsion. Notably, Hanwha Ocean holds a patent for a ship ammonia gas turbine fuel supply system, a technological leap beyond existing eco-friendly ships that still rely on pilot oil for ignition. The company’s R&D investments reflect this commitment: 66.6 billion KRW in 2024, with cumulative spending surpassing 100 billion KRW by the third quarter of 2025.
Why ammonia and hydrogen? Ammonia burns without emitting carbon, while hydrogen fuel cells generate electricity through an electrochemical reaction of hydrogen and oxygen, producing only water as a byproduct. The electricity powers electric motors that drive the ship's propellers. Hanwha Ocean’s innovation is particularly striking because its ammonia gas turbines are designed to operate on 100% ammonia, eliminating the need for fossil fuel-based pilot oils. This sets the company apart from competitors and aligns with the International Maritime Organization’s (IMO) target of net-zero greenhouse gas emissions from shipping by 2050.
The stakes are high. As global LNG demand surges—driven by energy security concerns in Europe and explosive growth in Asia—shipowners are shifting their priorities from simple construction to sustainable operation. This is especially true for massive projects like Qatar’s North Field expansion, where Hanwha Ocean is already recognized as a trusted partner thanks to its experience with high-specification LNG carriers. Industry experts cited by SeoulWire predict that the market for LNG carriers is transitioning from price-based competition to a new battleground centered on decarbonization technology standards. Hanwha Ocean’s zero-carbon propulsion solutions, they say, provide a critical edge in winning large-scale contracts.
Analysts are taking note as well. On February 25, 2026, Lee Seo-yeon of SangSangIn Securities issued a "BUY" rating on Hanwha Ocean, setting a target price of 170,000 KRW. Lee cited the company’s "extensive experience in building icebreaking LNG carriers and recent orders for next-generation icebreaking research vessels" as key factors supporting Hanwha Ocean’s long-term competitiveness. "Hanwha Ocean has the world’s first and largest track record of building icebreaking LNG carriers, having delivered 19 such vessels since the 2014 Yamal project," Lee wrote. While short-term demand for icebreaking LNG carriers has cooled due to geopolitical tensions, Lee believes that mid- to long-term demand could rebound, especially if issues like Greenland’s resource development or Arctic geopolitics reemerge. The analyst also pointed out that Hanwha Ocean’s recent contract for a next-generation icebreaking research vessel from South Korea’s Ministry of Oceans and Fisheries provides a valuable reference for future strategic collaborations.
All told, Hanwha Ocean is navigating a rapidly evolving industry landscape, where technical innovation and environmental stewardship are becoming the new benchmarks for success. With strong government backing, a robust order book, and a clear vision for decarbonized shipping, the company is well-positioned to maintain its competitive edge in both domestic and international markets.
As the race for zero-emission shipping heats up, Hanwha Ocean’s blend of engineering prowess and strategic foresight is setting a new course for the future of global shipbuilding.