Source Fact: Financial Supervisory Service DART / 2024-12-12
Disclosure Type: Single Sales/Supply Contract Execution
💡 3-Second Summary
Regarding the KRW 1.1225 trillion contract for six ultra-large LNG-fueled container ships secured by Hanwha Ocean from a European shipowner in 2021, the final contract expiry date has been amended and extended from December 31, 2024, to June 16, 2025.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Amendment Details: The contract execution period, specifically the completion date, regarding the ‘six ultra-large LNG-fueled container ships’ project initially filed on June 21, 2021, has been modified.
- Contract Period Amendment: (Before) Expiry Date: 2024-12-31 → (After) Expiry Date: 2025-06-16
- Contract Value: KRW 1,122,500,000,000 (KRW 1.1225T)
- Proportion to Recent Revenue: 16.0% against the consolidated revenue of the fiscal year-end 2020 (KRW 7,030,200,000,000), which serves as the comparative baseline at the time of initial contract signing.
- Contracting Counterparty & Region: European shipowner / Europe
- Payment Terms: 1st interim payment (20%), 2nd interim payment (10%), 3rd interim payment (20%), 4th interim payment (10%), and balance payment (40%) (Advance payment: Yes).
- Financial Baseline & Special Clauses:
- The total value was calculated applying the base exchange rate of 1 USD = 1,129.50 KRW as of the initial contract date on June 18, 2021.
- The underlying agreement includes a stipulation where the shipowner retains the option to cancel the contract within a specified timeframe post-validation; if exercised, Hanwha Ocean is entitled to compensation for a certain portion of the vessel price.
- Additional Note: The disclosure does not explain the specific reasons for the schedule adjustment, noting only that the contract duration and final settlement amounts remain subject to change during the construction process.
📈 2. [Expert View: Significance for Investors]
This amendment filing documents a timeline calibration for a major supply contract valued at over KRW 1 trillion, moving the contract expiry date from the end of 2024 to the first half of the following year (an extension of approximately 5.5 months). The core contract volume and transaction values remain intact, without indicating any reduction in total value or cancellation of the order.
Investors should avoid making definitive assumptions regarding unnoted shifts in revenue recognition timing, potential cash flow schedules, or equating this contract date with the actual physical delivery schedule of the vessels. The original text does not specify any financial advantages or disadvantages, nor does it outline whether the specific payment dates for progress milestones have been modified. The correct analytical framework is to track the explicit factual shift of the closing date to June 16, 2025, and closely monitor whether further settlement parameters are amended based entirely on objective data.
📝 Editor’s Comment (by K-STOCK Editor)
This update clarifies that the formal execution boundary for Hanwha Ocean’s multi-year container ship supply contract has altered its final expiry schedule to mid-June 2025. As the targeted deadline shifts forward by several months, readers should simply note the structural point that the overall contractual timeline is operating on a modified tracking path compared to initial projections.
However, the disclosure text avoids detailing specific underlying factors or indicating whether this alteration shifts the actual schedule for the final 40% balance or other interim disbursements. Consequently, readers must exercise caution and refrain from applying independent interpretations to label this change as either an alarming financial setback or a completely harmless calibration. Given that the parameters remain open to future updates as work continues, monitoring subsequent quarterly and half-year reports (Q1~Q4, H1~H2) alongside future amendment updates will serve as the primary checkpoints to trace how these contract numbers develop through objective metrics.
📢 Disclaimers and Source Information
Source: This content has been newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Notice: This content is provided solely for informational and linguistic reference purposes. 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.
Inquiries: For compliance-related inquiries or copyright requests, please contact ksb220805@gmail.com.
