Samsung Wins Tanker Contract

According to a Korea Herald report, Samsung Heavy Industries Co. won a $422.5 million deal to build three arctic tankers for Russian state-owned shipper Sovcomflot. Samsung is the first Korean shipbuilder to receive an order for ice-breaking oil-carriers. Sovcomflot plans to operate the artic tankers over the Barents Sea between the Varandiy oil well in the Arctic Ocean and Murmansk harbor in Russia, according to the report. As oil development in the arctic region progresses, demand for at least 20 arctic tankers is expected by 2015. Source: The Korea Herald