On May 14, South Korea’s Samsung Heavy Industries announced that it had secured orders for two LNG carriers from a shipowner in Oceania, with a total contract value of 750.5 billion KRW (approximately USD 503 million, RMB 3.415 billion), equivalent to a unit price of USD 251.5 million per vessel.
The two new vessels are scheduled for delivery in mid-2029. Samsung Heavy Industries did not disclose the shipowner’s information, but according to International Ship Network, the order comes from TMS Cardiff Gas, owned by Greek shipping magnate George Economou. Including the latest two, TMS Cardiff Gas’s LNG carrier orderbook has increased to 13 vessels, comprising 6 at Samsung Heavy Industries, 2 at Hanwha Ocean, 1 at HD Hyundai Samho, and 4 at Hudong-Zhonghua.
For reference, data from Clarksons shows that the current price of a 174,000 cubic meter large LNG carrier is USD 248.5 million, a decline of approximately 2.5% compared to USD 255 million in the same period last year.
A Samsung Heavy Industries official stated: “Securing orders for these two LNG carriers, along with the order for one LNG-FSRU (Floating Liquefied Natural Gas Storage and Regasification Unit) announced on the 4th of this month, demonstrates that the company is further strengthening the competitiveness of its LNG value chain product portfolio, with LNG carriers as the core.”
Including the latest two LNG carriers, Samsung Heavy Industries has accumulated a total of 19 new vessel orders so far this year, valued at USD 3.9 billion (approximately RMB 26.5 billion), achieving about 28% of its annual order target of USD 13.9 billion. These 19 new vessel orders consist of 8 large LNG carriers, 2 Very Large Gas Carriers (VLGC), 2 Very Large Ethane Carriers (VLEC), 2 container ships, 4 crude oil tankers, and 1 FSRU.
A Samsung Heavy Industries official stated: “Since the start of May, following the FSRU order, the company has consecutively secured LNG carrier orders, and the momentum for LNG carrier orders is continuously heating up. Going forward, the company will continue to focus on the entire LNG value chain, adhere to a selective order-taking strategy centered on profitability, and sustain the growth momentum of orders.”
Including the latest two LNG carrier orders, LNG carriers rank first among the orders Samsung Heavy Industries has secured this year, both in terms of number of vessels and contract value.
A Samsung Heavy Industries official stated: “Last year, the company secured orders for 11 LNG carriers, and with demand for LNG carriers expected to remain strong this year, the company will continue to monitor this market. Since the beginning of the year, the order trend for LNG carriers has shown a clear recovery. Particularly amid drastic changes in the international situation, the wave of LNG carrier orders from global shipping companies continues. Samsung Heavy Industries will continue to concentrate its efforts on selectively securing orders for eco-friendly, high-value-added products such as LNG carriers and FLNG.”
As of now, the three major South Korean shipbuilders have secured a total of 29 LNG carrier orders this year, including 16 at HD Korea Shipbuilding & Offshore Engineering, 8 at Samsung Heavy Industries, and 5 at Hanwha Ocean. In the entirety of last year, the three major South Korean shipbuilders secured a total of 34 LNG carrier orders, including 13 at Hanwha Ocean, 11 at Samsung Heavy Industries, and 8 at HD Korea Shipbuilding & Offshore Engineering.
