Samsung shipyard wins $3.0 billion orders to build 14 LNG carriers

Samsung shipyard wins $3.0 billion orders to build 14 LNG carriers

[Courtesy of Samsung Heavy Industries]

SEOUL — Samsung Heavy Industries, a major shipbuilder in South Korea, has secured two separate orders worth 3.9 trillion won ($3.0 billion) to build 14 liquefied natural gas carriers for clients based in Bermuda and Africa. With new orders, the shipbuilder achieved 72 percent of its annual order target estimated at $8.8 billion.

In a regulatory filing on June 22, Samsung Heavy Industries (SHI) said it has clinched an order worth 3.33 trillion won from an unidentified client in the Bermuda area to build 12 174,000 cubic meter-class LNG carriers. The contract period is valid until July 16, 2026.

The shipbuilder received a separate order worth  554 billion won from an unnamed client in Africa to deliver two LNG carriers by the end of December in 2024. The two orders brought SHI’s total orders in 2022 to $6.3 billion for 33 ships, including 24 LNG carriers.

SHI did not say if new LNG orders were related to a mega-deal from  QatarEnergy, a state-owned petroleum company formerly known as Qatar Petroleum, in 2020 when South Korean shipbuilders were allowed to reserve a major portion of their LNG ship construction capacity.

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