Hanhwa Ocean Facing Mass Financial Loss Due to Russian Sanctions
This is some really bad luck that may ultimately cost Hanhwa Ocean hundreds of millions of dollars in losses:
Hanwha Ocean’s liquefied natural gas carrier / Courtesy of Hanwha Ocean
Hanwha Ocean is saddled with hundreds of millions of dollars in financial burden, as a fleet of six icebreaking liquefied natural gas (LNG) carriers remain undelivered at a domestic shipyard due to sanctions on Russia’s Arctic project, according to industry sources and a report.
The specialized vessels, built for Moscow’s high-stakes Arctic energy expansion venture, have turned into a costly asset for Hanwha Ocean, leaving the Korean shipbuilder with few viable options beyond waiting indefinitely for new buyers or selling the ships at steep discounts.
You can read more at the link.
