Evergreen places US$1.6Bn order for six LNG dual-fuel container vessels

The 24,000-TEU ultra-large container ships will each span 400 m and incorporate shaft generator motor systems and air lubrication systems. According to Hanwha Ocean’s regulatory filing, the deal is valued at over US$1.6Bn, translating to a per-vessel cost exceeding US$267M.

This agreement marks the first collaboration between Hanwha Ocean and Evergreen. The South Korean shipbuilder expressed confidence in establishing a long-term partnership, as Evergreen will continue to expand its fleet with future orders.

Hanwha Ocean also highlighted Evergreen’s preference for LNG propulsion, driven by increasingly stringent environmental regulations. While methanol-powered container ships have gained traction in the past few years, recent newbuilding orders suggest a renewed industry interest in LNG-fuelled vessels.

According to Alphaliner, Evergreen is the seventh-largest liner company globally, with a 5.7% market share. Last month, Riviera reported the Taiwanese company placed an order for 11 24,000-TEU LNG dual-fuel container ships, to be built at two separate shipyards.

A win for South Korean shipyards

Commenting on the transaction, Hanwha Ocean emphasised the strategic significance of this order for South Korea’s shipbuilding industry.

The company stated that, since 2022, Chinese shipyards have led the 24,000-TEU container vessel market due to their price competitiveness. However, Hanwha Ocean has reaffirmed its global position by securing this contract, the statement continued.

The South Korean shipbuilder has a proven track record in constructing ultra-large container ships. Citing shipbroker Clarksons data, the company noted 72 of the 358 ultra-large vessels (17,000+ TEU) currently in operation worldwide were built by Hanwha Ocean, giving it the largest market share for a single shipyard in this segment.

“We will continue to lead the eco-friendly ultra-large container ship market with our differentiated technological expertise,” said Hanwha Ocean chief executive Kim Hee-cheul.