Samsung Heavy Industries Secures KRW 4.6 Trillion Contract for LNG Newbuilds

In a groundbreaking development, Samsung Heavy Industries has inked a monumental KRW 4.57 trillion contract with a prominent Middle East shipowner. The agreement outlines the construction of fifteen LNG carriers, each boasting an impressive 170,4000 m² capacity, with a targeted delivery timeline set for October 2028.

This substantial contract not only represents a significant financial milestone for Samsung Heavy Industries but also surpasses the company's own previous record. The previous record, amounting to KRW 3.95 trillion, was achieved through the signing of a newbuilding contract for 16 methanol-powered container ships in July of the preceding year.

The cumulative contract performance of Samsung Heavy Industries for the current year has skyrocketed, with a remarkable 17 ships now in the pipeline. The collective value of these contracts stands at an impressive USD 3.7 billion, and what is truly noteworthy is that this feat has been accomplished in just over a month. To put this into perspective, the current year's achievements already represent nearly half of the total contract value secured by the company in the entirety of the preceding year, which amounted to USD 8.3 billion.

Samsung Heavy Industries, renowned for its diversification, engages in a spectrum of activities, including shipbuilding, production facility development, and digital shipbuilding system development. The company's portfolio spans the manufacturing of diverse vessels, ranging from crude oil tankers and container vessels to bulk carriers, material handling equipment, and drill ships.

The latest contract for fifteen LNG carriers, valued at KRW 4.57 trillion, reflects not only the confidence that the Middle East shipowner places in Samsung Heavy Industries' capabilities but also the strategic importance of the LNG sector in the current global maritime landscape. The 170,4000 m² capacity of each LNG carrier positions them as formidable assets in the transportation of liquefied natural gas, catering to the growing demand for clean energy sources.

The significance of this contract is further accentuated by its financial magnitude, surpassing the company's own record set just last year. The successful bid for this substantial project not only underscores Samsung Heavy Industries' technical prowess and project execution capabilities but also cements its position as a leader in the highly competitive shipbuilding industry.

The rapid pace at which Samsung Heavy Industries has secured these contracts in the current year speaks volumes about the company's agility and responsiveness to market demands. Achieving almost half of the previous year's total contract value in just over a month is a remarkable feat and reflects the company's ability to seize opportunities and navigate the complexities of the maritime industry with strategic acumen.