Samsung Heavy Industries wins order for 2 LNG carriers worth 670 billion KRW... Q1 cumulative exceeds 3 trillion KRW

LNG Carrier Boom Continues This Year
Newbuild Prices Up 33% in 2 Years

Samsung Heavy Industries recently secured additional orders for LNG carriers, surpassing a cumulative order value of $2.5 billion (approximately 3.28 trillion KRW) in the first quarter.

On the 31st of last month, Samsung Heavy Industries announced on the 3rd that it had signed a construction contract for two LNG carriers with a shipping company in the Asia-Pacific region. This order is a conditional contract with a total order value of 674.5 billion KRW. The two vessels are scheduled to be delivered sequentially by November 2026.

With this order, Samsung Heavy Industries' cumulative order value for the first quarter has increased to $2.5 billion. Adding four LNG carrier orders by March to the $1.5 billion (approximately 2 trillion KRW) FLNG (Floating Liquefied Natural Gas production facility) order recorded earlier this year, the company has achieved 26% of its annual target of $9.5 billion (approximately 12.46 trillion KRW).

LNG carrier built by Samsung Heavy Industries
[Photo by Samsung Heavy Industries]

The demand for LNG carriers, which is at the core of Samsung Heavy Industries' selective order strategy, is expected to continue.

Clarkson Research, a ship market analysis firm, forecasts about 70 new LNG carrier orders this year alone. From then until 2032, it expects steady demand with an average of 60 orders per year.

The price per LNG carrier surpassed $250 million as of the end of February, marking a 33% increase over two years, indicating a continued upward trend in ship prices.

A Samsung Heavy Industries official stated, "With the boom in LNG carriers, our main order type, continuing this year, the outlook for achieving our order targets for the third consecutive year is bright."

Samsung Heavy Industries exceeded its targets for two consecutive years by securing $12.2 billion (approximately 16 trillion KRW) in 2021 and $9.4 billion (approximately 12.34 trillion KRW) in 2022.

This content was produced with the assistance of AI translation services.