Samsung Heavy Industries is on the verge of achieving its annual order target for the commercial vessel sector after securing an additional order for a high value-added LNG carrier.

Samsung Heavy Industries disclosed on June 8 that it won an order for one LNG carrier from an Oceanian shipping company for 385.5 billion won ($296.54 million). Including this contract, Samsung Heavy Industries’ cumulative order performance for this year totaled 29 vessels, comprising 28 commercial vessels and one FLNG facility. In terms of amount, this is $8.5 billion, which accounts for 61% of the annual total order target of $13.9 billion.

What is notable is the steep upward trend in the performance of the commercial vessel sector. The cumulative order amount for the commercial vessel sector recorded $5.2 billion, fulfilling 91% of the annual target of $5.7 billion. The industry expects that if Samsung Heavy Industries maintains its current pace of orders, it will achieve the annual target for the commercial vessel sector early within the first half of the year.

Looking at the current status by vessel type ordered so far, LNG carriers account for the largest proportion with 14 vessels. This is followed by six crude oil carriers, four gas carriers (VLGC), two ethane carriers (VLEC), and two container ships. Adding one FLNG, an offshore plant, the company has established a profitability-centered portfolio.

An official from Samsung Heavy Industries stated, “Differentiated LNG technology is leading to a series of order achievements,” and added, “We will maintain our selective order strategy centered on high value-added vessel types while thoroughly preparing for multiple FLNG projects currently under discussion to produce results.”

Source:Business Korea