SHI to Build 10-LNG-fuelled Tankers

Maritime Activity Reports, Inc.

August 20, 2019

File Image: Samsung Heavy Industries Co

File Image: Samsung Heavy Industries Co

South Korean shipbuilder Samsung Heavy Industries (SHI) is to build 10 LNG-powered crude tanker vessels.

The order was placed by an unnamed "Oceanian" customer. The contract for the vessels was valued at KRW 751.3 billion (US$621 million), which is around $62 million per vessel.

Samsung Heavy said in a statement that  it will deliver the 113,000 dwt LNG-fueled tankers by January 2022.

SHI has achieved 54% of its annual target of USD 7.8 billion by obtaining orders for 29 vessels equivalent to USD 4.2 billion so far and has diversified its orders into different types of ships including 11 LNG carriers, 14 COTs, two PCs, one special ship, one FPSO and more.

According to Yonhap, Samsung Heavy had net losses of 309.4 billion won in the second quarter, more than double a loss of 142.7 billion a year earlier, due to one-off costs related to covering a damage suit.

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