i-wan Nam, Gounee Yang

Global Economic News

SAMSUNG Heavy Industries’ cumulative orders have surpassed US$10 billion in value this year.

Samsung Heavy announced that it has signed contracts to design and supply blocks and equipment for seven shuttle tankers with a Eurasian shipper for US$1.7 billion.

Samsung Heavy Industries has attracted 13 LNG carriers, 44 container vessels, and 14 crude carriers this year. As a result, Samsung Heavy Industries has received a total of US$10.3 billion of orders for 71 ships, 13 percent more than its target of US$9.1 billion, which was revised up from US$7.8 billion in May.

It is the second time since 2007 (US$12.6 billion), the peak of the shipbuilding super cycle, that the company’s orders in the shipbuilding business have surpassed US$10 billion and it is considered as a positive signal of a recovery in the shipbuilding industry.

According to a shipbuilding market report outlook by Clarksons Research last month, as demand for eco-friendly ships and expansion of old ship replacement has been increasing, it is expected that the annual average ship orders will be doubled compared to last year to 1,900 ships between 2023 and 2031 and the positive shipbuilding market trend will continue for a long time.