Hanwha Ocean Shipyard Halts Operations After A Shipbuilder Died In A Tragic Explosion

Hanwha Ocean has temporarily suspended operations at its Okpo Shipyard after a tragic incident on January 12. According to reports, at approximately 3:20 p.m. local time, a ship rudder construction business experienced an explosion, killing a 28-year-old subcontractor employee.

The shipyard, formerly known as Daewoo Shipbuilding & Marine Engineering (DSME), confirmed the halt in production with a statement made public through a stock exchange filing. The firm announced that manufacturing won’t start again until the accident’s cause and recommended course of action have been thoroughly investigated. The Ministry of Employment and Labor’s approval must be obtained before the restart date may be set. The victim, whose identity and country have not been disclosed, was hit by explosion debris and died of his injuries even though he was rushed to the hospital right away.

Hanwha Ocean immediately notified the Ministry of Employment and Labor and the police of the event. Even if preliminary signs point to a possible gas explosion, a formal investigation will be carried out to determine the precise reason and implement safety precautions to avoid future incidents.

The shipyard, currently the third-largest in South Korea, has encountered difficulties, such as missing its order target for 2023 after switching from DSME to Hanwha Ocean. Former creditors and significant DSME investors, the government-controlled banks, sold Hanwha Ocean a majority stake and management.

Recently, a partnership was established between Hanwha Ocean and Samsung Heavy Industries, supplying the blocks needed to build containerships at the Samsung yard. While some sources indicate a move away from low-margin containerships, Hanwha Ocean maintains a significant backlog while reiterating its commitment to high-value contracts. The company’s new focus corresponds with its parent company’s strategic objectives, including an enhanced emphasis on naval operations and leveraging opportunity in military systems.

Reference: Splash 247

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