[Alpha Biz=(Chicago) Reporter Paul Lee] NICE Credit Rating has raised Hanwha Ocean's corporate credit rating to 'BBB+ (stable)'.

It has been only six months since Hanwha Ocean was evaluated as 'BBB (stable)' in May.

The NICE Credit Rating is based on the improvement of its financial structure through Hanwha Ocean's large-scale paid-in capital increase, excellent market status and business competitiveness in the shipbuilding and offshore plant industries, and that profitability will gradually improve due to quantitative and qualitative improvement in order balance.

Based on its long history and excellent production capabilities, Hanwha Ocean has secured its third-largest global market position (6.6% market share) in terms of order backlog at the end of October 2023.

Hanwha Ocean has seen a significant increase in new orders as the shipbuilding order environment has improved due to increased maritime shipments and increased demand for eco-friendly ships since the fourth quarter of 2020.

As a result, NICE Credit Rating expected Hanwha Ocean to maintain a stable business base compared to the past, as the company's order backlog stood at 25.8 trillion won at the end of September, securing about 3.7 times more production volume than sales.

It also said profitability is expected to gradually improve due to the stabilization of the production process and the construction of orders for high-priced, high-value-added ships.

 

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