Photo: Illustration only; Courtesy of Samsung Heavy Industries

Samsung Heavy bags $208 million order for LNG carrier

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order to build a liquefied natural gas (LNG) carrier.

The agreement was concluded with an undisclosed shipping company in Oceania on 10 December. The total value of the contract is KRW 245 billion (around $208 million). The vessel is expected to be delivered by May 2025. No other details were revealed.

This weak, the South Korean company also scored an order for three new LNG carriers with a total value of $622 million (KRW 733.9 billion). The delivery of the LNG carriers will happen by January 2025, according to Samsung Heavy Industries.

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With the latest contract, SHI has received orders worth a cumulative $12 billion so far this year, surpassing its annual order target of $9.1 billion by 32 percent.

The firm has currently 21 LNG carriers, 44 containerships and 14 crude oil carriers on order. Samsung Heavy Industries expects the demand for LNG products to continue as the need to respond to the International Maritime Organisation’s (IMO) GHG emission regulations is raising.