Source: Financial Supervisory Service Dart System / 2025-09-29
Disclosure Type: Decision on Debt Guarantee for Others
💡 3-Second Summary
Hanwha Ocean has decided to provide a KRW 139.7 Billion debt guarantee for its U.S. affiliate, Hanwha Philly Shipyard Inc., with the guarantee period scheduled to span 12 months from the loan agreement date and to be re-disclosed once confirmed.
📊 1. [Key Disclosure Details & Major Figures Summary]
- 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 Details:
- 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
- Debt Guarantee Period: Start and end dates are unconfirmed (Stated to span 12 months from the loan agreement date, with re-disclosure scheduled once the period is confirmed)
- 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]
- Status of the Guarantee Period: The start and end dates of this debt guarantee are left blank in the filing. The disclosure states that the period will last for 12 months from the loan agreement date and that a re-disclosure will be made once the guarantee period is confirmed.
- Reported Financial Baseline of the Debtor: The debtor, Hanwha Philly Shipyard Inc., exhibits an impaired capital structure with total equity of -KRW 201.4 Billion and consecutive annual net losses reaching KRW 192.3 Billion at year-end 2024. Its annual net losses are recorded at -KRW 12.9 Billion in 2022 and -KRW 86.3 Billion in 2023.
- Guarantee Scale Information: This debt guarantee decision involves a limit amount of approximately KRW 139.7 Billion, which corresponds to 2.9% of Hanwha Ocean’s total equity. 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 disclosure provides notice of Hanwha Ocean’s decision regarding a KRW 139.7 Billion debt guarantee (principal of KRW 127B) for its U.S. affiliate, Hanwha Philly Shipyard Inc. As of the filing date, the specific start and end dates for the guarantee period remain unconfirmed and are left blank in the official table.
Investors should monitor two objective variables going forward. First is the confirmation of the guarantee period. The filing explicitly notes that the guarantee is scheduled to last for 12 months starting from the loan agreement date and will be re-disclosed once confirmed. Therefore, market participants must track upcoming correction filings to cross-reference the exact start and end dates when they are provided. Second is the debtor’s financial metrics. Hanwha Philly Shipyard Inc. shows an impaired capital structure with total equity of -KRW 201.4 Billion and a widening annual net loss of KRW 192.3 Billion at year-end 2024. Because the decision covers a guarantee limit set at 110% of the loan principal, tracking the debtor’s quarterly equity and net income developments in subsequent periodic reports remains a vital point of comparison.
📢 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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