Fact Source: Financial Supervisory Service DART
💡 Executive Summary
Hanwha Ocean filed a correction disclosure regarding its KRW 342.0B contract for two Very Large Crude Carriers (VLCCs) with an Oceanian shipowner, moving up the contract end date from November 30, 2026, to March 6, 2026.
📊 [Key Disclosure Details & Financial Summary]
1. Correction Disclosure Overview
- Target Disclosure: Sales and Supply Contract (Initial Filing Date: 2024-02-23)
- Reason for Correction: Revision of contract end date (Accelerated schedule)
2. Financial Details & Contract Scale
- Contract Name: 2 Very Large Crude Carriers (VLCC)
- Contract Amount: KRW 342,000,000,000 (KRW 342.0B / approx. USD 256.2M equivalent)
- Applied FX Rate: USD/KRW = 1,335.00 (Base rate on 2024-02-22, rounded at 100M KRW)
- Recent Revenue: KRW 4,860,200,000,000 (KRW 4.8602T based on FY2022 consolidated financial statements at initial award)
- Ratio to Revenue: 7.0%
- Contracting Party & Region: Oceanian Shipowner (No special relationship) / Oceania Region
3. Contract Period Revision
- Start Date: 2024-02-22
- End Date: (Before) 2026-11-30 → (After) 2026-03-06 (Shortened by approx. 9 months)
- Contract Date: 2024-02-22
- Key Terms: Down payment/advance payment included / Payment collected according to construction progress
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Monitoring Delivery Schedule and Revenue Recognition Velocity Due to Shorter Timeline
This filing notifies the market that the completion date for Hanwha Ocean’s VLCC order (2 vessels) signed in February 2024 has been moved forward by approximately 9 months, from late November 2026 to early March 2026.
Tracking whether construction progress and delivery proceed seamlessly under the accelerated schedule is important for evaluating revenue recognition velocity and shipyard construction efficiency.
Progress regarding delivery and project completion can be tracked through future official periodic filings, such as Quarterly, Semi-Annual, and Annual Reports, or subsequent disclosures.
📢 Disclaimer & Source Notice
Source: This content was newly structured and generated based on official filing data from the Financial Supervisory Service DART system.
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