Samsung Heavy Industries said on January 28 that it has secured new shipbuilding contracts worth a combined USD 900 million, marking a strong start to the year.
The contracts include two liquefied natural gas (LNG) carriers ordered by a Bermuda-based shipping company, valued at USD 500 million, two very large ethane carriers (VLECs) ordered by an Asian shipowner worth USD 300 million, and one crude oil tanker ordered by a Liberia-based shipowner valued at USD 100 million. In total, Samsung Heavy Industries has won orders for five vessels.
With the latest deals, the company continues to diversify its order portfolio, covering its core LNG carrier segment as well as VLECs and crude oil tankers. VLECs, in particular, are a vessel type in which Samsung Heavy Industries has prior experience, having successfully built and delivered six units to India’s Reliance in 2014. Industry observers say the new order further underscores the company’s technical capabilities in this segment.
A Samsung Heavy Industries official said the company’s cumulative order backlog now stands at 134 vessels worth approximately USD 28.7 billion. The official added that LNG carrier demand is expected to remain solid this year, while large offshore projects such as Coral and Delfin FLNG are also anticipated.
Based on these market conditions, Samsung Heavy Industries plans to continue a selective order-taking strategy focused on profitability rather than volume, the company said.
