Hanwha Ocean

with the chief of defense staff for Canada.

Her visit came three months after Canada picked Germany's TKMS over Hanwha Oceans, so it's an interesting timing to come.

What was her main talking point when you were talking to her? Yeah,

so I did ask her about how Canada Canada's main position and defense policy in enhancing it and integrating its air defense systems is actually working.

Um, and they're potentially more complex acquisitions or, or so it seems.

These are six, um, Arc 7 or, or ice-breaking LNG carriers, which are sitting stranded at Hanwha Ocean's yard in South Korea.

Um, for a start, three of them are sanctioned and the subject of ongoing arbitration.

Um, the other three, um, which were built again by MOL, uh, against Novatek charters, um, are also up, up for, for grabs, I presume.

So when you look at that build-out, a lot of those Korean companies are helping with that.

You look at, you know, marine engine manufacturing, a lot of that's coming...

E- even US naval build, you see, um, Hanwha Oceans buying into Philadelphia Shipyard and things like that.

And so you are seeing actually a lot of opportunities from that nuclear power build-out.

Mm.

A newly formed South Korean company has taken on four ice-class LNG carriers that had been sitting largely idle.

G Captain reported on October sixth that Busan-based IOB has begun operations with the Arc four ships built by Hanwha Ocean for Japan's Mitsui O.S.K. Lines.

Ice class simply means the hull is strengthened to work in ice, the conditions along Russia's Northern Sea Route.

G Captain says shipping databases show the vessels moving into an ownership and management structure linking Novatek, the Russian gas producer, with the new manager.

Those are stated plans rather than confirmed orders.

The company has not identified which ships it expects to manage.

Several higher ice-class carriers built for Novatek's sanctioned Arctic LNG two project remain at Hanwha Ocean after sanctions disrupted their original contracts.

G Captain also notes South Korean yards have built a large share of the specialized carriers serving Russia's Arctic projects.