Samsung Heavy Industries
Samsung Heavy Industries (SHI) is one of the largest shipbuilding and engineering companies in the world. Founded in 1974 and headquartered in Geoje, South Korea, SHI is a subsidiary of the Samsung Group, a major conglomerate in South Korea known for its extensive range of businesses, including electronics, construction, and financial services.
Key Areas of Operation
Shipbuilding:
- Commercial Vessels: SHI builds a wide range of commercial ships including container ships, oil tankers, bulk carriers, and liquefied natural gas (LNG) carriers. They are renowned for their high-tech and environmentally friendly ships.
- Specialized Vessels: This includes drillships, floating production storage and offloading units (FPSOs), and other offshore platforms that are crucial for oil and gas exploration and production.
Offshore Engineering:
- SHI is known for its expertise in the design and construction of offshore oil rigs, platforms, and other structures critical to the energy sector.
- They are also involved in projects related to renewable energy, including offshore wind farms.
Engineering and Construction:
- Beyond shipbuilding, SHI engages in the construction of plant facilities and infrastructure, providing integrated solutions to complex engineering challenges.
Milestones and Achievements
- Technological Innovation: SHI has been a pioneer in adopting advanced technologies for shipbuilding, including 3D modeling, automation in ship design and construction, and eco-friendly technologies to reduce emissions and improve fuel efficiency.
- Market Leadership: The company has consistently ranked among the top shipbuilders globally in terms of orders received and delivery tonnage.
- Global Presence: While headquartered in South Korea, SHI has expanded its market reach with numerous projects and partnerships across the globe.
Financial Performance
As a large-scale industrial company, SHI's financial performance is closely tied to the global economic environment, particularly trends in international trade and the oil and gas market. The fluctuating demand for new ships and offshore projects can significantly influence its revenues and profitability.
Challenges
- Economic Cycles: The shipbuilding industry is highly cyclical, dependent on fluctuations in the global economy, which can affect demand for new vessels and offshore platforms.
- Competition: SHI faces competition from other leading shipbuilding firms, particularly those in South Korea, China, and Japan.
- Technological Advancements: Continuous innovation is essential to maintain a competitive edge, requiring significant investment in research and development.
Future Outlook
Samsung Heavy Industries continues to focus on technological advancements and sustainable practices to maintain and grow its market position. This includes further investment in eco-friendly ship designs, automation, and digitalization in the manufacturing process, as well as exploration of new markets such as renewable energy.
Overall, Samsung Heavy Industries remains a major player in the global shipbuilding and offshore engineering sectors, with a strong track record of innovation and market adaptation.
Ship and Offshore platform building
- Phone: 82-55-630-5020
- Web: www.shi.samsung.co.kr
- Fax: 82-55-630-4104
Locations
Samsung Heavy Industries News
Zvezda Axes $3.5B Icebreaker Order; Samsung Heavy Calls it "Illegal Termination"
South Korean shipbuilder Samsung Heavy Industries said on Wednesday that two orders from Russia's Zvezda worth a total of 4.85 trillion won ($3.54 billion) for icebreaker ships were cancelled due to "illegal termination by the shipowner".Samsung Heavy said in regulatory filings that in June 2024, Zvezda shipyard unilaterally informed the South Korean company of the contract termination and insisted on the return of advance payments.In July, Samsung filed an arbitration request with the Singapor
KR and Samsung Heavy Industries Join Forces to Develop 174K LNG Carrier
KR (Korean Register) has signed a memorandum of understanding (MoU) with Samsung Heavy Industries (SHI) on June 4 at Nor-Shipping 2025 in Oslo to jointly develop a 174,000 m3 LNG carrier featuring three cargo tanks.Despite the ongoing trend toward larger vessels across all ship types, the 174K LNG carrier remains the standard design in the global LNG shipbuilding market, with dozens of orders placed annually.To further enhance the technical competitiveness of this vessel sizeâŠ
ABS Greenlights SHIâs Multi-Purpose Deepwater LNG Floating Unit
American Bureau of Shipping (ABS) has issued an approval in principle (AiP) to Samsung Heavy Industries (SHI) for its design of a multi-purpose liquefied natural gas (LNG) floating facility for deep water (MLF-O).Called MLF-O, the next-generation design from SHI optimizes the production facility for deepwater areas with a wave height of nine meters.According to SHI, the design has the advantage of providing faster delivery and cost-effective efficiency compared to onshore plants.
MOL Charters Two More VLEC Newbuilds to SCG Chemicals
MOL Energia, a subsidiary of Mitsui O.S.K. Lines (MOL), has signed long-term charter contracts with SCG Chemicals, a wholly owned subsidiary of the Siam Cement Group (SCG), for two very large ethane carriers (VLECs), to be built in South Korea.The charter for two more VLECs comes in addition to three vessels already contracted by SCG Chemicals in January 2025.Of the approximately 90 dedicated liquefied ethane carriers currently in service or on order worldwideâŠ
GTT to Design Tanks for Three New VLECs
French engineering firm GTT has booked an order from Samsung Heavy Industries for the tank design of three new very large ethane carriers (VLECs), bound to become the worldâs largest VLECs.The three ethane carriers will each feature a total capacity of 100,000 m3 and will be fitted with GTTâs Mark III membrane containment system.The VLECs will be able to trade various types of liquefied gases such as EthaneâŠ
MOL Picks Up Long-Term Charter for Three VLECs with Thai Firm
Mitsui O.S.K. Lines (MOL) has signed a long-term charter contract for three newbuilding very large ethane carriers (VLECs) with SCG Chemicals, a wholly owned subsidiary of Thailand's Siam Cement Group (SCG).The 100,000 m3 VLECs, spanning 230 meters in lengths and with breadths of 36.6 meters, will be built at Samsung Heavy Industries, and are scheduled for delivery in 2027.The vessels will be equipped with dual-fuel ethane propulsion enginesâŠ
Bureau Veritas, SHI Partner Up for Floating Storage and CCS Solutions
Bureau Veritas Marine & Offshore (BV) and Samsung Heavy Industries (SHI) have partnered up to develop Floating CO2 Storage Units (FCSU) and Carbon Capture and Storage (CCS) projects in the Republic of Korea in an effort to cut greenhouse gas emissions.The collaboration will center on validating and certifying cutting-edge CCS technologies that are cost-effective and sustainable.By blending BV's certification expertise with SHI's innovative technologyâŠ
SHI Delivers New NYK LNG Vessel
NYK Line has taken delivery of the Samsung Heavy Industries (SHI)-built liquefied natural gas (LNG) carrier, named Quest Kirishima.The LNG carrier was completed and delivered at the SHI Geoje Shipyard on December 2, 2024.The vessel, Quest Kirishima, will be deployed under a time-charter contract with Q United Energy Supply & Trading, a wholly owned subsidiary of Kyushu Electric Power.Quest Kirishimaâs membrane-type cargo tanks have a 174âŠ
LR and SHI Join Forces for Green Ammonia FPSO System
Lloydâs Register (LR) has signed a memorandum of understanding (MoU) with Samsung Heavy Industries (SHI) for the joint development of a floating production, storage, and offloading (FPSO) system for green ammonia. The FPSO process has been widely used in the oil and gas industries, but its application for ammonia is relatively new. The unit will use renewable energyâŻto provide power for electrolysisâŻof seawater to produceâŻgreenâŻhydrogenâŠ
QatarEnergy Inaugurates Four New LNG Vessels in Korea
QatarEnergy has inaugurated four new conventional-size LNG vessels built in Samsung Heavy Industries and Hanwha Ocean shipyards in the Republic of Korea as part of its historic fleet expansion program.The four new vessels - Idâasah, Nuaijah, Umm Swayyah, and Lebrethah - are part of 128 total vessels ordered from Korean and Chinese shipyards as part of the largest shipbuilding program in the historyâŠ
Shipbuilding Shares Soar After Trump, Yoon Call
South Korean President Yoon Suk Yeol spoke with Donald Trump on Thursday and congratulated him on winning the U.S. presidency on the "Make America Great Again" slogan as officials in Seoul worked to prepare for "significant" economic changes.Yoon and Trump held a 12-minute phone call and discussed the close security and economic ties of their two countries across all areas, a senior South Korean officialâŠ
ClassNK Greenlights SHIâs Autonomous Navigation Assistance System
ClassNK has issued an Approval in Principle (AiP) for Autonomous Navigation Assistance System âSASâ developed by Samsung Heavy Industries (SHI).Samsung Autonomous Navigation Assistance System (SAS) is partially Autonomous Navigation System (ANS) including the functions of situational awareness through sensor fusion and electronic navigational chart information, collision and grounding risk assessmentâŠ
Samsung Heavy Industriesâ FCSU Design Earns Approval from Bureau Veritas
South Korean shipbuilder Samsung Heavy Industries (SHI) has been awarded an approval in principle (AIP) for its Floating CO2 Storage Unit (FCSU) design from classification society Bureau Veritas (BV).The AIP certificate was presented to Haeki Jang, Chief Technical Officer of SHI, by Matthieu De Tugny, President of Bureau Veritas Marine & Offshore, during a ceremony at Gastech 2024.The floating CO2 storage unit features a free-form pressure tank designâŠ
ABS OKs SHI's Liquefied Hydrogen Carrier Vessel Design
ABS issued general design approval (GDA) to Samsung Heavy Industries Co., LTD. (SHI) for its detailed design of a liquefied hydrogen carrier, a 20,000 cbm vessel with Type C tanks.âHydrogen is a key enabler of the clean energy economy. In decarbonizing different industry sectors, hydrogen plays critical roles as a fuel, feedstock, energy storage and load balancing. As the demand for hydrogen growsâŠ
Home-Grown: S. Korea's First OCCS put to the Test
KR announced the successful installation of an onboard carbon capture system (OCCS) with purely domestic technology, and it will soon undergo internal verification testing.The project began in April 2023 as a collaborative effort with HMM, Samsung Heavy Industries (SHI) and PANASIA. As a result of this collaboration, the system was installed on the 2,200 teu container ship, HMM Mongla. KR conductedâŠ
SHI's Ammonia Fuel Cell Powered VLAC Gets Lloydâs Registerâs Blessing
Samsung Heavy Industries (SHI) has received an approval in principle (AiP) from Lloydâs Register for the design of its ammonia fuel cell-powered very large ammonia carrier (VLAC).Ammonia fuel cell-powered VLAC, developed by SHI with the US-based fuel cell system developer Amogy, is an emission-free and eco-friendly vessel, which does not produce any sulfur oxides (SOx), nitrogen oxides (NOx), or carbonâŠ
GTT Books Samsung Heavy Industries Order for 15 LNG Carriers Tank Designs
French engineering company GTT has received an order from Samsung Heavy Industries for tank designs of 15 new LNG carriers.GTT will design the tanks of these 15 vessels, which will each offer a capacity of 174,000 m3.The tanks will be fitted with the Mark III Flex membrane containment system developed by GTT.The delivery of the vessels is scheduled between the fourth quarter of 2026 and the fourth quarter of 2028.The South Korean shipyard placed an order on behalf of a leading LNG playerâŠ
Stena Drilling Takes Delivery of Stena Evolution Drillship
Offshore drilling contractor Stena Drilling has taken delivery of its 7th generation Stena Evolution ultra-deepwater drillship from Samsung Heavy Industries.After a decade in the making, Stena Evolution drillship has finally been completed and is ready for its first job.The technologically advanced drillship is capable of operating at water depths of up to 12,000ft (around 3,500 meters) and drilling depths up to 40âŠ
Samsung Heavy Industries Gets $1.5B FLNG Order
Samsung Heavy Industries (SHI) has secured an engineering, procurement and construction (EPC) contract for a new floating LNG production unit worth $1.5 billion.SHI formed a consortium with Black & Veatch for the delivery of the new FLNG unit, subject to final investment decision for the project (FID) being developed by the 'North American client'.Undisclosed by SHI, the client is most likely Haisla Nation and Pembina Pipeline Corporation (Pembina)âŠ
Samsung Heavy Industries and DNV in Autonomous Shipping Collaboration
South Korea's Samsung Heavy Industries (SHI) and leading classification society DNV have signed a Memorandum of Understanding (MOU) at Kormarine, committing to establishing SHI's state-of-the-art Remote Operation Centre (ROC) for real-time monitoring and control of Maritime Autonomous Surface Ships (MASS). The MOU will underpin DNV and Samsung Heavy Industriesâ collaboration to drive innovation and redefine the future of marine transportationâŠ
