Samsung Heavy to build LNG carriers for Asian customer

13 October 2014 (Last Updated October 13th, 2014 18:30)

South Korea's Samsung Heavy Industries (SHI) has won a $620m contract from an Asian customer to build three LNG carriers.

SHI_LNG

South Korea’s Samsung Heavy Industries (SHI) has won a $620m contract from an Asian customer to build three LNG carriers.

The new-build 174,000m² LNG carriers will be equipped with dual fuel engines to deliver higher transport efficiency and fewer gas emissions compared with existing models, the builder said.

The vessels will transport US shale gas to Asia and are scheduled to be delivered in 2018.

"The new-build 174,000m² LNG carriers will…deliver higher transport efficiency and fewer gas emissions." 

US Federal Energy Regulatory Commission’s (FERC) export approval for the shale gas projects such as Sabine Pass, Cameron, Freeport and Cove Point. Also, 14 more projects in Australia, Mozambique and Tanzania are awaiting approval, increasing the demand for LNG carriers in the market.

Samsung Heavy Industries spokesperson said: "It is expected that more than 30 LNG carriers will be ordered annually, as LNG exports are expanding to the US, Australia and East Africa.

The company has recorded $6.5bn in orders this year, including the recent contract. Last week, SHI received a contract worth $440m to construct three ice-breaking tankers for a European ship owner.

The tankers will be capable of breaking ice of 1.4m thickness at a speed of 3.5kt an hour, operating in temperatures of -45°C.


Image: The LNG carriers are scheduled to be delivered in 2018. Photo: courtesy of Samsung Heavy Industries.