Hanwha Ocean Stock Surges After Being Named Preferred Bidder for Next-Gen Destroyer Program

Hanwha Ocean's stock price rose on the morning of the 2nd following news that the company has been selected as the preferred bidder for the next-generation Korean destroyer program.

This selection solidifies Hanwha Ocean's position in the naval vessel construction market. DAPA confirmed Hanwha Ocean as the preferred bidder for the project on the 2nd, and an objection filed by HD Hyundai Heavy Industries was dismissed. HD Hyundai Heavy Industries received a 1.2-point deduction due to security scoring.

The detailed design and lead ship construction project for the next-generation Korean destroyer (KDDX), awarded by DAPA, is a project worth 7.8 trillion won in total, aiming to secure six 7,000-ton destroyers using purely domestic technology. The Ministry of National Defense pushed for this next-generation destroyer construction project to modernize the Navy's capabilities and strengthen independent defense power. The project aims to significantly enhance maritime operational capabilities by acquiring Korean-type destroyers equipped with advanced combat systems.

Hanwha Ocean announced yesterday that it was selected as the preferred bidder for this project. Hanwha Ocean plans to finalize the contract value and duration through negotiations between the parties, with the KDDX lead ship scheduled for delivery to the Navy by the end of 2032.

Leveraging the experience and technological prowess accumulated through this project, Hanwha Ocean will focus on securing additional orders in both domestic and international naval markets. The successful execution of this project is expected to drive Hanwha Ocean's financial stability and growth in its defense sector.