Morningstar

Hanwha Ocean Picked for $510 Million Thai Navy Frigate Project

Provided by Dow Jones Sep 9, 2026, 2:21:00 AM

By Kwanwoo Jun

Hanwha Ocean has been selected for a roughly $510 million project to build a next-generation frigate for the Royal Thai Navy, strengthening its position in the growing Southeast Asian naval market.

The South Korean shipbuilder said Wednesday that the project is valued at about 683.30 billion won, equivalent to $509.9 million. Hanwha said it outbid defense companies from Spain, Singapore and Turkey for the project.

Hanwha previously delivered a frigate to the Royal Thai Navy in 2018.

Shares of Hanwha were last 2.3% higher at 88,100 won on Wednesday, paring earlier gains of more than 5% after the company was selected as the preferred bidder for the frigate project in Thailand.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

September 08, 2026 22:21 ET (02:21 GMT)

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