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StocksMedium•2 November 2026•
3 min read

Hanwha Ocean Shares Rise 11% to 55,500 Won on U.S. Ship Contract

Key Facts

1Shares rose 11% to 55,500 won at 12:30 p.m. on November 2.
2The U.S. landing ship construction contract was valued at $269 million, with options for three additional vessels.
3Consolidated operating profit in the third quarter was 485.7 billion won, up 67.6% year over year.
4The company signed a contract to build two very large crude carriers valued at 356.8 billion won.

Hanwha Ocean shares rose 11% to 55,500 won at 12:30 p.m. local time on November 2, according to E Daily. The price reflected the stock’s movement during the session at that point, not its closing price. The gain coincided with Hanwha Defense USA being selected to build a medium landing ship for the U.S. Navy and Marine Corps. It also coincided with Hanwha Ocean’s announcement that it was developing a domestically made submarine weapons-launch system, and with a separate contract to build two very large crude carriers. The developments put several industrial announcements involving the company and its group in the same frame, but sources did not attribute the rise to any single catalyst.

The U.S. contract is valued at $269 million and covers construction of one ship at Hanwha’s Philadelphia shipyard, with options for three additional vessels. TOTE Services selected Hanwha Defense USA following a competitive request for proposals issued to qualified U.S. shipyards in July 2026. TOTE said the company was the first shipbuilder selected in the process, citing its competitive pricing and acceptance of the subcontract terms. The contract is Hanwha Defense USA’s first to build ships for the U.S. Navy, according to a company statement. The Philadelphia shipyard previously built and delivered four multi-mission national security vessels under the same construction management model with TOTE Services.

Construction of the ship is scheduled to begin in the fourth quarter of 2027, with the first vessel in the program expected to be delivered in 2030, according to TOTE Services. The company’s $2.2 billion contract supports a plan for a fleet of 35 medium landing ships for the U.S. Navy and Marine Corps. The base contract covers up to eight new ships, while Hanwha’s contract is for the first vessel and options for three additional ships. The current selection is part of a broader program, but the announced schedule puts the start of construction more than a year after the contract announcement. Hanwha Defense USA said its shipyard had previously completed four multi-mission vessels under a similar contracting model.

Separately, Hanwha Ocean announced on November 2 that it was developing a horizontal submarine launch system in cooperation with South Korea’s Agency for Defense Development. The system uses water pressure to launch underwater weapons such as torpedoes, according to Asia Today. The company said its development relied entirely on domestic technology. The system could reduce reliance on foreign supply chains and is expected to lower submarine construction costs and shorten delivery times. The company did not announce the expected cost reduction or when the system would be applied to new submarines.

That coincided with a separate commercial contract Hanwha Ocean signed on October 30 with a Bermuda-based shipowner. The agreement covers the construction of two very large crude carriers valued at 356.8 billion won, according to E Daily. On earnings, the company reported consolidated operating profit of 485.7 billion won in the third quarter of 2026. Profit rose 67.6% from the same period a year earlier, the newspaper reported. The contracts and financial results provide additional context for the stock’s movement during the November 2 session.