Samsung Heavy Industries Wins KRW 672.2 Billion LNGC Order—Could Annual Orders Top KRW 20 Trillion?

[Financial News] Samsung Heavy Industries has secured orders for two Liquefied Natural Gas Carriers (LNGCs) worth KRW 672.2 billion. Including floating liquefied natural gas production, storage, and offloading facilities (FLNGs), cumulative orders total KRW 16.7 trillion. With the possibility of additional FLNG orders, expectations are growing that the figure could exceed KRW 20 trillion.
Samsung Heavy Industries announced on the 2nd that it had signed a contract with an Asian shipowner to build two LNGCs. The contract is worth KRW 672.2 billion, and the vessels will be delivered sequentially by May 2029. This year's LNGC orders have reached 20 vessels, bringing order intake in the merchant vessel business to KRW 10.87 trillion. That amounts to 140% of the target.
The large dock at Samsung Heavy Industries Geoje Shipyard has helped the company secure orders for 20 LNGCs. Dock No. 3 is 640 meters long and 97.5 meters wide, allowing four large LNGCs to be built simultaneously. The shipyard is also transitioning into a smart shipyard by adopting artificial intelligence and robots. These capabilities enable it to meet delivery schedules reliably in terms of both scale and efficiency.
Samsung Heavy Industries has achieved 89% of its annual total order-intake target, driven by its strong performance in the merchant vessel business. Adding KRW 5.9 trillion from two FLNGs and other orders, the total reaches KRW 16.7 trillion. Expectations are rising that additional FLNG orders could push the figure above KRW 20 trillion. Two potential projects—the United States' Delfin 2 and Canada's Ksi Lisims LNG—are each expected to be worth more than KRW 3 trillion. Samsung Heavy Industries holds a dominant position in the global FLNG market, having built six of the 10 FLNG units worldwide.

[email protected] Kim Yun-ho Reporter