Samsung Heavy Secures USD 300 Mn Order for Shuttle Tanker Trio

South Korean shipbuilder Samsung Heavy Industries (SHI) has won a KRW 361 billion (USD 300 million) order for the construction of three shuttle tankers.

Illustration; Source: Wikimedia – under public domain; Image by: Towel401

The shipbuilding contract was signed with an undisclosed Asian shipowner on February 28, 2020, SHI said.

Under the deal, three Suezmax newbuilds are scheduled for delivery by the end of July 2022.

Back in 1995, SHI became the first Korean shipbuilder to construct a shuttle tanker. It currently boasts a large market share of 45 percent in the world, having clinched orders for 64 out of 143 shuttle tankers to date.

“In order to solidify our market dominance, we will help ship owners further reduce operating expenses for ships with new smart technologies and make use of eco-friendly solutions for keeping pace with stricter regulations,” an official from SHI said.

The shipbuilder set its order target at USD 8.4 billion for 2020, which is 18 percent up from USD 7.1 billion achieved last year.