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Samsung Heavy Industries Secures $1.04 Billion LNG Carrier Contract

New deal brings 2024 order total to $4.9 billion, achieving over half of annual target
South Korea
s 010140.KO Mid and Small Cap 2000
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Samsung Heavy Industries announced on July 1 that it has secured a contract with a Middle Eastern shipowner to construct four liquefied natural gas (LNG) carriers, valued at 1.44 trillion won (approximately $1.04 billion). The company plans to deliver the ships sequentially by August 2028.

This latest contract adds to Samsung Heavy Industries’ impressive portfolio of orders this year. So far, the company has secured contracts for 22 vessels, including 19 LNG carriers, two very large ammonia carriers (VLACs), and one shuttle tanker. The cumulative value of these orders is $4.9 billion, representing 51 percent of the company’s 2024 order target of $9.7 billion.

Samsung Heavy Industries’ current order backlog stands at $33.7 billion, indicating a robust pipeline of future work. The company’s strategic focus on LNG carrier construction continues to drive its strong performance, aligning with the growing global demand for LNG transport solutions. This contract further cements Samsung Heavy Industries’ position as a leading player in the shipbuilding industry.

 

 

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