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May 7, 2019

Samsung Heavy Industries wins $190m LNG ship order

South Korean shipbuilder Samsung Heavy Industries (SHI) has secured an order worth $190m to construct one liquefied natural gas (LNG) carrying vessel.

South Korean shipbuilder Samsung Heavy Industries (SHI) has secured an order worth $190m to construct one liquefied natural gas (LNG) carrying vessel.

In a regulatory filing, the shipbuilder announced that it was awarded a contract for an LNG ship, which is scheduled to be delivered by March 2022 to an anonymous Oceania-based ship owner.

Until now, SHI, a core subsidiary of the Samsung Group, has won contracts to build eight LNG ships and one floating production storage and offloading vessel.

All these orders have a combined value of approximately $2.6bn.

SHI specialises in building added-value and special purpose vessels, including LNG carriers, offshore-related vessels and oil drilling ships. It plans to book a combined $7.8bn in orders this year.

In February, SHI informed the Korean stock exchange that the company won an order to build four LNG carriers for a US-based ship-owner.

“The contract for the four new ships, which are scheduled to be delivered from the shipyard by 30 September 2022, was valued at KRW870bn ($774m).”

The contract for the four new ships was valued at KRW870bn ($774m), according to the company. Vessels are scheduled to be delivered from the shipyard by 30 September 2022.

In January, SHI signed its first LNG carrier contract to build two units worth KRW419bn ($360m) for Celsius Tankers based in Denmark.

Last November, SHI applied a new environmentally friendly, solvent-free coating on a 7,500m³ LNG carrier. The coating does not contain any solvent, and was jointly developed by SHI and Jotun.

SHI has three dry docks and five floating docks. It is reportedly one of the largest shipbuilders across the world.

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