Source: Financial Supervisory Service Dart System / 2025-10-10
Disclosure Type: Decision on Debt Guarantee for Others (Correction)
💡 3-Second Summary
Hanwha Ocean has filed a correction disclosure to confirm the period of its KRW 139.7 Billion debt guarantee for its U.S. affiliate, Hanwha Philly Shipyard Inc., setting the duration from October 10, 2025, to October 10, 2026.
📊 1. [Key Disclosure Details & Major Figures Summary]
- Subject of Correction Filing: Decision on Debt Guarantee for Others originally filed on 2025-09-29
- Reason for Correction: Confirmation of the debt guarantee period
- Details of Debt Guarantee Period Correction:
- Before Correction: Start and end dates unconfirmed (Stated as 12 months from the loan agreement date, with re-disclosure planned once confirmed)
- After Correction: Start date: 2025-10-10, End date: 2026-10-10 (Guarantee period confirmed; previous re-disclosure notice removed)
- Debtor: Hanwha Philly Shipyard Inc. (Affiliate of Hanwha Ocean)
- Creditor: BBVA, Singapore Branch
- Debt (Borrowing) Amount: KRW 127,044,000,000 (Loan principal of USD 90,000,000.00)
- Debt Guarantee Amount: KRW 139,748,400,000 (Guarantee limit set at 110% of the loan principal, equivalent to USD 99,000,000.00)
- Ratio to Self-Equity: 2.9% of Hanwha Ocean’s consolidated equity capital of KRW 4.86 Trillion as of year-end 2024
- Total Outstanding Debt Guarantee Balance (Excluding this transaction): KRW 659,732,841,150 (Approximately KRW 659.7 Billion)
- Board Resolution Date: 2025-09-29 (4 independent directors attended, 1 absent)
- Financial Status of the Debtor (Hanwha Philly Shipyard Inc.) (Unit: Million KRW):
- Current Year (As of Year-end 2024): Total Assets: 296,796, Total Liabilities: 498,235, Total Equity: -201,439 (Capital impairment), Share Capital: 0, Revenue: 496,697, Net Income: -192,299
- Previous Year (As of Year-end 2023): Total Assets: 417,644, Total Liabilities: 371,825, Total Equity: 45,819, Share Capital: 0, Revenue: 576,789, Net Income: -86,302
- Year Before Previous (As of Year-end 2022): Total Assets: 479,721, Total Liabilities: 350,906, Total Equity: 128,815, Share Capital: 0, Revenue: 508,793, Net Income: -12,916
Conversion Base: The borrowing and guarantee amounts were calculated using the Seoul Money Brokerage base exchange rate of 1 USD = 1,411.60 KRW as of September 29, 2025. KRW-expressed values may change depending on exchange rate fluctuations and execution details. Debtor’s financial details were calculated using the respective year-end exchange rates for assets/liabilities and average exchange rates for revenues/losses.
📈 2. [Expert’s Perspective: What This Disclosure Means for Investors]
- Establishment of Specific Guarantee Dates: The start and end dates of the KRW 139.7 Billion guarantee (capped at 110% of the principal), which were unconfirmed during the initial board resolution on September 29, 2025, have now been formally fixed from October 10, 2025, to October 10, 2026 (12 months).
- Reported Financial Baseline of the Debtor: The debtor, Hanwha Philly Shipyard Inc., is in a state of capital impairment with total equity of -KRW 201.4 Billion and a net loss of KRW 192.3 Billion for 2024. The entity’s net losses are recorded as -KRW 12.9 Billion for 2022 and -KRW 86.3 Billion for 2023.
- Scale of Guarantee Relative to Capital: This guarantee represents 2.9% of Hanwha Ocean’s total equity capital. The company’s outstanding debt guarantee balance, excluding this specific transaction, is recorded at approximately KRW 659.7 Billion.
📝 Editor’s Comment (by K-STOCK Editor)
This correction filing confirms that the 12-month duration of Hanwha Ocean’s KRW 139.7 Billion debt guarantee for its U.S. affiliate, Hanwha Philly Shipyard Inc., has been finalized to run from October 10, 2025, to October 10, 2026. The correction is submitted to provide the formal schedule parameters that were pending in the original filing.
Investors should focus on two objective variables going forward. First is the financial metrics of the debtor. Hanwha Philly Shipyard Inc. shows an impaired capital structure with total equity of -KRW 201.4 Billion and consecutive net losses reaching KRW 192.3 Billion at year-end 2024. Given that Hanwha Ocean is backing 110% of the borrowing, tracking the debtor’s quarterly equity and net income developments through upcoming filings is essential. Second is the overall management of outstanding guarantees. Hanwha Ocean holds an outstanding debt guarantee balance of KRW 659.7 Billion, excluding this transaction. Market participants should monitor future periodic reports to cross-examine the total balance fluctuations and the financial status of the guaranteed affiliates.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Advisory Warning: This material is provided for informational and language reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific securities. All investment decisions and financial responsibilities rest solely with the individual investor.
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