Korean Shipbuilder Benefits from U.S. Port Fees on Chinese Vessels

Samsung Heavy Industries has secured its first container ship order of the year, as the Korean shipbuilding industry is expected to benefit from the U.S. decision to impose substantial port fees on Chinese shipping companies and vessels.

Samsung Heavy Industries announced on April 28 that it has signed a contract worth 561.9 billion won with an Asian shipowner for the construction of two container ships.

The shipowner is presumed to be Wan Hai Lines, a Taiwanese shipping company. The two container ships are scheduled to be delivered to the client sequentially by January 2028.

Samsung Heavy Industries has secured orders for a total of 18 ships worth $2.6 billion (approximately 3.7 trillion won) this year, including one liquefied natural gas (LNG) carrier, nine shuttle tankers, two ethane carriers, four oil tankers, and two container ships. This represents 27% of the company’s annual order target of $9.8 billion (approximately 14 trillion won).

A Samsung Heavy Industries representative stated, “While maintaining our strategy of selective orders focused on profitability, we plan to secure contracts for about two floating LNG production storage and offloading (FLNG) facilities annually, aiming to achieve an efficient balance between ships and offshore plants.”

Source : Businesskorea