$1.1 billion! Samsung Heavy Industries wins orders for 5 LNG carriers in two days
2022-05-19 09:00
Samsung Heavy Industries in South Korea has secured orders for five LNG carriers totaling over US\$1.1 billion in two days, bringing its total LNG carrier orders this year to 10.
On May 17, Samsung Heavy Industries announced that it had signed a contract with an African shipowner for the construction of three large LNG carriers, with a total contract value of 862.3 billion South Korean won (approximately US\$674 million), and a price of approximately US\$224.67 million per vessel.
The LNG carriers ordered this time by Samsung Heavy Industries use a membrane-type cargo containment system, the Mark-Ⅲ Flex system from GTT of France, and are equipped with X-DF dual-fuel slow-speed engines, using fuel oil and boil-off gas from the LNG cargo tanks as fuel. These three LNG carriers are scheduled for delivery before January 2026.
On May 18, Samsung Heavy Industries announced another contract with an Oceania shipowner for two large LNG carriers, with a total contract value of 591.3 billion South Korean won (approximately US\$461 million). Notably, the price of the latest order is approximately US\$230.95 million per vessel, an increase of approximately US\$6.3 million compared to the May 17 order.
Previously, on February 23, Samsung Heavy Industries announced a contract with an African shipowner for four large LNG carriers, with a total contract value of 998.5 billion South Korean won (approximately US\$838 million); and on April 1, Samsung Heavy Industries announced another contract with an Oceania shipowner for one large LNG carrier, with a contract value of 263.3 billion South Korean won (approximately US\$217 million).
With the latest two contracts in May, Samsung Heavy Industries' cumulative order intake this year has increased to 19 vessels, including 10 LNG carriers and 9 container ships, with a total contract value of US\$3.3 billion, reaching 38% of its annual order target of US\$8.8 billion.
As of now, among the 19 new vessel orders Samsung Heavy Industries has received this year, 14 are high value-added, environmentally friendly vessels powered by LNG, with a total contract value of approximately US\$2.6 billion, accounting for 79% of the total order intake. By adopting an order strategy centered on profitability, Samsung Heavy Industries is steadily increasing its order backlog.
A Samsung Heavy Industries representative stated: \"Currently, the new demand in the LNG carrier market is being stimulated by factors such as the increase in global LNG production, the strengthening of environmental regulations by the International Maritime Organization (IMO), and expectations of increased LNG sea transportation due to the Russo-Ukrainian conflict. Coupled with the tight resources of shipyards, the upward trend in LNG carrier prices is expected to continue for some time.\"
According to Clarkson Research Services' data, as of the end of April, the price of a new 174,000 cubic meter LNG carrier is US\$224 million, an increase of about 20% compared to US\$186 million at the end of 2020.
Samsung Heavy Industries stated that, considering the increase in global LNG transportation and the demand for vessel renewal due to the strengthening of environmental regulations by the International Maritime Organization (IMO), the order trend for LNG carriers is expected to continue this year. The company will strive to achieve its order target this year based on its environmental technology advantages and solid order intake. (Wang Chu)
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