Source of Facts: Financial Supervisory Service DART / 2025-11-27
Disclosure Type: Execution of Single Sales/Provider Contract (Amendment)
💡 3-Second Summary
Hanwha Ocean has amended its construction contract with an Oceanian shipowner for two Very Large Crude Carriers (VLCC). The contract end date has been shortened and moved forward from November 30, 2026, to March 6, 2026, for the project valued at approximately KRW 342.0 billion.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Contract Category & Contract Name: Construction Order / 2 Very Large Crude Carriers (VLCC)
- Initial and Prior Filing Dates:
- Initial Contract/Order Date: February 22, 2024
- Initial Filing Date: February 23, 2024 (Current Amendment Date: November 27, 2025)
- Contract Scale:
- Contract Value: KRW 342,000,000,000 (Approx. KRW 342.0B) (Unchanged)
- Recent Annual Revenue: KRW 4,860,200,000,000 (Approx. KRW 4.86T, based on the consolidated financial statements as of the end of fiscal 2022, which was the applicable baseline at the time of initial contract execution).
- Ratio to Sales: 7.0% (Categorized under Large Corporation thresholds).
- Comparison of Contract Period (Before vs. After Amendment):
- Start Date: February 22, 2024 (Unchanged)
- End Date: (Before) November 30, 2026 ➡️ (After) March 6, 2026 (Shortened by approximately 8.8 months)
- Contract Counterparty & Region: An Oceanian shipowner (No relationship with the company) / Oceanian region
- Key Contract Terms: Down payment/prepayment included; Payment structured progressively based on construction milestones.
- Exchange Rate Standard: The contract value was calculated by applying the trading standard exchange rate of 1 USD = 1,335.00 KRW as of the contract date (February 22, 2024) to translate the value into KRW, rounded to the nearest one hundred million won.
- Project Variability Clause: The contract period and final settlement amount remain subject to subsequent changes during the construction progress.
📈 2. [Expert View: What This Disclosure Means for Investors]
- Shortened Construction and Delivery Schedule: This filing officially registers a modification in the scheduled completion date for the two Very Large Crude Carriers (VLCC), moving the deadline forward from November 30, 2026, to March 6, 2026. This registers a shortened timeline for the delivery parameters within the corporate records.
- Maintenance of Total Contract Value: Apart from the adjustment to the scheduled completion date, the total contract value remains fixed at KRW 342.0 billion (representing 7.0% of historical consolidated annual revenue), and no structural changes to the progressive payment terms have been reported.
- Fixed Currency Translation Baselines: The registered KRW financial entries remain pegged to the historical exchange rate of 1,335.00 KRW/USD established in February 2024. As explicitly stated in the filing, the final settlement figures and schedules remain subject to potential variations depending on actual progress.
📝 Editor’s Comment (by K-STOCK Editor)
Applied Comment Style: Cautionary View
Hanwha Ocean’s amended regulatory filing regarding its single sales and provider contract outlines the updated completion timeline established for the Very Large Crude Carriers (VLCC) project with an Oceanian shipowner. According to the document, the schedule for the KRW 342.0 billion contract has been formally adjusted, establishing March 6, 2026, as the updated contract end date.
The critical variables and primary checkpoints for investors to analyze moving forward are the ‘confirmed completion date of March 6, 2026’ and the ‘exact figures entered into the financial record.’ This filing registers the shortened execution period within the contract framework, while the financial parameters remain governed by the initial baseline terms.
Consequently, investors should analyze the situation based on the updated transaction details as of November 27, 2025, as stated in the filing. It remains essential to monitor the verified project milestones and track the completed entries listed in the document as part of the official corporate disclosure, recognizing that the historical reference exchange rate of 1,335.00 KRW/USD as of February 22, 2024, remains the established baseline for the translated figures.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on the official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Advisory: This information is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial responsibilities rest entirely with the investor.
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