SHI secures $825m order for four LNG carriers

South Korea-based shipbuilder Samsung Heavy Industries (SHI) has won an $825m (KRW971.3bn) contract for the construction of four liquefied natural gas (LNG) carriers.

The company revealed in its stock exchange filing that the order has been placed by an undisclosed shipowner from the Bermuda region.

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The newbuilds are expected to be delivered by the end of 2024.

In addition, SHI has been negotiating with Russian contractors for the construction of icebreaking LNG carriers, reported Offshore Energy.

Last week, SHI received orders from Denmark-based Celsius Tankers for a series of four LNG carriers.

These vessels, which are scheduled to be delivered between 2023 and 2024, will be signed up to long term time charters with Gunvor Group subsidiary Clearlake Shipping.

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As of now, SHI has secured orders worth $11.2bn this year, exceeding its annual target of $9.1bn.

Additionally, Korea Shipbuilding and Offshore Engineering (KSOE) has bagged a $325m (KRW383bn) contract for the construction of four LNG-propelled petrochemical carriers.

These 4,000t vessels will be constructed by KSOE subsidiary Hyundai Heavy Industries (HHI).

In an emailed statement to Yonhap News Agency, the company revealed that the newbuilds will be delivered to a shipper in the Middle East by H1 2024.

In a statement, KSOE said: “As demand for eco-friendly ships has been further growing, inquiries about ships propelled by eco-friendly fuels has been continuing in recent months.”

The company has already surpassed its annual order target of $14.9bn.

Last month, HHI and KSOE obtained approval in principle (AiP) from Bureau Veritas for the design and development of an ammonia carrier with ammonia-powered propulsion.