Hanwha Ocean posts nine-month operating profit
Operating profit reached 1.66 trillion won in the first nine months of 2026.
Hanwha Ocean, the shipbuilder and marine engineering company, reported consolidated revenue of 12.1 trillion won for the first nine months of 2026. Net profit rose to 1.34 trillion won from 634 billion won a year earlier.
Operating profit for the nine-month period exceeded the 1.17 trillion won the company earned for all of 2025. Gross profit came to 2.27 trillion won through September, compared with 1.84 trillion won for the full prior year. The company reported full-year consolidated revenue of 12.8 trillion won in 2025. These figures compare a nine-month period with a full year.
The marine business accounted for most sales, with products including ships, offshore structures and submarines. Its export revenue was 10.6 trillion won in the first nine months, and domestic revenue was 1.92 trillion won. The business also covers LNG and LPG carriers, container ships, naval vessels and offshore wind installation vessels.
The company measured production utilization using the labor hours available and the hours actually spent on ship and offshore production, rather than factory equipment capacity. On that basis, average utilization was 100.0% for the period. It said its production methods differ from those of manufacturers that use mass-production systems.
Cash flow from operations also increased, reaching 672 billion won for the nine months from 508 billion won a year earlier. The change in operating assets and liabilities used 879 billion won of cash, compared with 418 billion won in the prior-year period.
Investment spending grew over the same period. Consolidated cash used in investing activities rose to 977 billion won from 585 billion won, including property and equipment purchases of 538 billion won, up from 392 billion won. Consolidated liabilities at September 30 were 12.9 trillion won, compared with 14 trillion won at the end of 2025.
The company continued to put money into its overseas business. It said it participated in a $226.9 million capital increase at Hanwha Ocean USA Holdings in 2026 to support operating funds and investment resources. The subsidiary reported a 45.6 billion won net loss for the period. Hanwha Ocean had acquired a Philadelphia shipyard through a U.S. subsidiary in December 2024 to establish a local production base and support its entry into the U.S. merchant vessel and defense markets.
Hanwha Ocean also invested 126 billion won in Ocean E&I in July 2026 as it pursued an offshore wind installation vessel operating business. Separately, the company had agreed to lend Tidal Action 472 billion won as a shareholder loan, with an end date of April 22, 2040. Its 2024 contract with Tidal Action covered marine product performance upgrades.
For the final three months of 2026, Hanwha Ocean expects to invest 588 billion won in facilities and other assets at the parent company as part of a plan intended to increase production capacity. The company had already invested 274 billion won under the annual plan. It said the estimated remaining spending could change with business conditions and the progress of the projects.
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