Samsung Heavy Industries Wins Oil Tanker Order Worth 459.3 Billion KRW, Achieving 62% of This Year's Target

Contract for Construction of Four Suezmax-Class Oil Tankers

On the 1st, Samsung Heavy Industries announced that it had signed a contract to build four Suezmax-class oil tankers with a shipowner in the African region. The total value of the contract is 459.3 billion KRW.

Suezmax refers to the largest size of vessel capable of passing through the Suez Canal, which connects the Mediterranean Sea and the Red Sea. These vessels are scheduled to be delivered to the shipowner by December 2027.

A Suezmax-class tanker delivered by Samsung Heavy Industries.
[Photo by Samsung Heavy Industries]

With this contract, Samsung Heavy Industries has secured a total of 29 vessels worth approximately 6 billion USD this year, achieving 62% of its annual target of 9.7 billion USD (about 13.3821 trillion KRW).

The global oil tanker market is expected to maintain a steady order trend due to a low order backlog relative to the existing fleet, a high proportion of aging vessels, and the promotion of fleet renewal driven by the IMO's strengthened environmental regulations and the EU's carbon emission regulations coming into effect.

A Samsung Heavy Industries official stated, "Global energy demand is expected to continue increasing," adding, "While maintaining a selective order strategy focused on high value-added vessels such as LNG carriers and FLNG, we will also closely monitor the market conditions for container ships and oil tankers to respond flexibly."