Samsung Heavy Industries receives 2 trillion won worth of orders, close to supercycle by achieving 11.6 trillion won

Samsung Heavy Industries surpassed USD 10 billion in cumulative orders this year.

Seoul [South Korea], October 19 (ANI/Global Economic): Samsung Heavy Industries surpassed USD 10 billion in cumulative orders this year. Samsung Heavy Industries issued a statement and announced on the 18th that it has signed contracts to design and supply blocks and equipment for seven shuttle tankers with a Eurasian shipper for USD 1.7 billion (about 2.453 trillion won).

Samsung Heavy Industries has attracted 13 LNG carriers, 44 container vessels, and 14 crude carriers this year. As a result, Samsung Heavy Industries has posted a total of USD 10.3 billion orders for 71 ships, achieving more than 13 per cent than the target of USD 9.1 billion, which was revised up from USD 7.8 billion in May. The surpassing USD 10 billion in orders in the shipbuilding business is the second time since USD 12.6 billion in 2007, the peak of the shipbuilding supercycle, and it is considered as a positive signal of a recovery in the shipbuilding industry.

According to the report on shipbuilding market report outlook by Clarksons Research last month, as demand for eco-friendly ships and expansion of old ship replacement has been increasing, it is expected that the annual average ship orders will be doubled compared to last year to 1,900 ships between 2023 and 2031 and the positive shipbuilding market trend will continue for a long time. "As carbon reduction regulations are tightened, orders for high-efficient eco-friendly ships are increasing," an official from Samsung Heavy Industries said. "We are planning to further expand high-quality orders this year."

Samsung Heavy Industries has maintained the worlds' No 1 in the global order book with its strong increase in orders for seven consecutive months for a single shipyard. (ANI/Global Economic)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)