Samsung Heavy Industries wins $622M order for 3 new LNG carriers

South Korean shipyard Samsung Heavy Industries (SHI) has received orders for three new LNG carriers that total $622 million (733.9 billion won).

Samsung Heavy Industries wins $622M order for 3 new LNG carriers
Illustration only; Courtesy of Business Wire

Specifically, the shipyard received these orders from a Bermuda regional shipping company and from an Oceania regional shipping company.

The delivery of the LNG carriers will happen by January 2025, according to Samsung Heavy Industries.

With this contract, the shipyards said it has increased its cumulative order receipts this year to 78 ships and $11.8 billion. Thus, it exceeded its annual target of $9.1 billion by 30 per cent.

Of these 78 vessels, 20 are LNGCs, 44 are container ships, and 14 are crude oil carriers.

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The company is particularly proud of the proportion of eco-friendly ships that can use LNG amongst the orders. Out of the total order, these ships take up 70 per cent (47 ships, $8.2 billion). Also, the order backlog is steadily increasing.

Samsung Heavy Industries expects the demand for LNG products to continue in order to respond to the IMO’s GHG emission regulations. These vessels’ design minimizes CO2 emissions and methane slip from operations.