Hanwha Ocean

The Philippines is evaluating bids for its first two diesel-electric submarines under the Re-Horizon 3 modernization program, with a budget of about $1.4 to 2.0 billion. Hanwha Ocean and HD Hyundai Heavy Industries compete against Naval Group, Navantia, and a Fincantieri and TKMS offer. As of September 27, 2026 no award had been made; the program entered proposal-review stages in September, and HD Hyundai is seen as having an edge from its Subic Bay logistics center. A Korean win would extend the naval relationship built on the two HD Hyundai-built Miguel Malvar-class frigates. Next milestone: award decision, date unknown.

Hanwha Philly Shipyard signed a lease for six parcels totaling 47 acres around the Reserve Basin at the Philadelphia Navy Yard, reported September 23, 2026. The lease runs 47 years and 8 months at $4,500 per acre per month, with the first two and a half years rent-free. The yard currently occupies 110 acres with about 2,000 workers and delivers at most two ships a year; the expansion supports a target of more than ten ships a year, up to 5,000 additional hires, and about $5 billion of investment tied to the Korea-US shipbuilding cooperation agenda.

Leonardo DRS and Doosan Enerbility signed a contract, reported September 21, 2026, to supply the integrated electric propulsion system for the KDDX next-generation destroyer, making it the first Korean surface combatant with full electric propulsion. The system uses permanent-magnet direct-drive motors with no reduction gearbox and a single power network that also feeds the four-panel AESA radar, freeing electrical capacity for future sensors and directed-energy weapons. No contract value was disclosed. The lead ship, ordered from Hanwha Ocean in 2026, is due at the end of 2032.

The Royal Thai Navy formally announced the award of its 16.73 billion baht (~$508 million) next-generation frigate to Hanwha Ocean on September 18, 2026, but the contract signing has been postponed indefinitely after the losing bidders, HD Hyundai Heavy Industries, ST Engineering, Aselsan/TAIS, and Navantia, lodged objections with Thailand's State Audit Office under Section 118 of the National Procurement Act. The audit review takes 30 days and can be extended to 60, after which a rejected bidder may still sue within 90 days. The award terms require at least 20 percent of the first ship's structural work to be done in Thailand, rising to 30 percent for a second ship, with an offset package of 7.25 billion baht, or about 43 percent of contract value.

Hanwha Ocean will carry out a depot-level overhaul of the 7,600-ton Aegis destroyer ROKS Sejong the Great (DDG-991) from September 2026 to March 2027, the first time the Republic of Korea Navy has assigned a surface-combatant overhaul to a private shipyard. The Navy plans to expand this public-private maintenance model through the 2030s and implement it fully by 2040, after projections showed that military maintenance resources alone could cover less than half of demand by the 2040s. The award adds to Hanwha Ocean's growing MRO portfolio, which already includes US Navy logistics ships serviced at Geoje.

The Royal Thai Navy announced on September 8, 2026 that it has selected Hanwha Ocean's 4,000-ton OCEAN-40F export frigate for its next-generation frigate program, a THB 16.73 billion (~$508 million, 683 billion won) package covering one ship, equipment, spares, documentation, support, and trials. Prime Minister Anutin Charnvirakul acknowledged the evaluation report on September 4 and the Defence Ministry gave final approval on September 7; the Navy will formally brief the selection on September 18 after the appeal period, then negotiate final contract terms. Hanwha Ocean prevailed over five rivals from four countries, including HD Hyundai Heavy Industries, Navantia, ST Engineering, and Turkey's ASFAT and TAIS, leaning on its 2018 delivery of the 3,700-ton HTMS Bhumibol Adulyadej, of which the OCEAN-40F is an enlarged derivative. The design carries a 16-cell VLS for MBDA VL MICA NG, Exocet MM40 Block 3c anti-ship missiles, a 76mm gun, Naval Group's SETIS combat management system, and a TRS-4D radar. Thailand wants eight frigates but operates only four, and Korean reports put potential follow-on orders at up to 4 trillion won. The win is Hanwha Ocean's first surface-combatant export since 2023 and comes as it also competes with HD HHI for the Philippines' first submarine program, with proposal evaluation entering its final stage in September.

The Royal Thai Navy has completed its evaluation of bids for a new 4,000-ton frigate, worth roughly 175 billion baht (~800 billion won) and expandable toward 4 trillion won with follow-on ships, and Korean reporting on September 1, 2026 says Hanwha Ocean was the only bidder to clear the first qualification and technical round. The result has been forwarded to the Thai Defense Ministry and cabinet for final approval, with an announcement expected within days. Hanwha Ocean holds an edge from its 2018 delivery of the 3,700-ton HTMS Bhumibol Adulyadej and its improved Ocean-40F export design, while HD Hyundai Heavy Industries countered with a roughly 40% local-production pitch. No final signature had been confirmed as of September 3.

The US Navy on September 1, 2026 began formal evaluations of three allied frigate designs, including South Korea's 4,300-ton Chungnam-class (FFX Batch III), alongside Japan's Mogami-class and Turkiye's Istanbul-class, USNI News reported. The plan, set out in an August 13 procurement framework with $1.85 billion in FY2027 funds, is to buy up to two ships from a foreign builder before transferring construction to US yards, with a selection deadline of November 12, 2026. The Chungnam-class is built by HD Hyundai Heavy Industries, SK Oceanplant, and Hanwha Ocean and features CODLOG propulsion with a Rolls-Royce MT30 gas turbine, a 30-knot top speed, and a strong anti-submarine fit. A US selection would be the first American purchase of a Korean-designed warship and would build on Hanwha's Philly Shipyard investment and the growing US-Korea shipbuilding partnership.