Samsung Heavy Industries (SHI) has developed a mutual growth model and is now fully operational in collaborating with domestic small and medium-sized shipbuilding partners, focusing on the construction of tankers and large blocks for ships.
On the 6th, SHI announced that it has signed a strategic Memorandum of Understanding (MoU) with HSG Sungdong Shipbuilding and KUNHWA at the Samsung Hotel in Geoje on the 4th to establish a `mutually beneficial model that promotes shared growth`.
The event was attended by representatives including Wang-keun Lee, Shipyard General Manager of Samsung Heavy Industries, Hyeon-ki Kim, CEO of HSG Sungdong Shipbuilding, and Young-seop Je, CEO of KUNHWA.
Through the strategic partnership, SHI will entrust the construction of tankers to HSG Sungdong Shipbuilding, while commissioning KUNHWA to produce large blocks for LNG carriers.
SHI will solidify this form of cooperation into a `win-win model`, allowing small and medium-sized partners to secure a consistent flow of orders while gaining opportunities for technological advancements. Simultaneously, SHI can enhance its shipbuilding competitiveness by improving production efficiency.
Beginning with this agreement, it is anticipated that SHI will contribute to the expansion of employment opportunities and regional economic growth in South Gyeongsang Province by establishing a long-term and continuing cooperative system with domestic small and medium-sized companies.
“SHI will establish a cooperative ecosystem to coexist with small and medium-sized companies and strengthen its competitiveness in securing global shipbuilding orders,” said Wang-keun Lee, Shipyard General Manager (VP) of Samsung Heavy Industries. “SHI will develop this ecosystem into a growth model that represents the Korean shipbuilding industry.”
In addition to cooperating with Korean shipyards, Samsung Heavy Industries also plans to outsource tanker orders to Vietnamese shipyards to reduce its dependence on outsourcing to Chinese shipyards.
Recently, Samsung Heavy Industries has signed a MoU with PVSM, a state-owned shipbuilding company under Vietnam’s PetroVietnam, for the cooperative construction of crude oil tankers.
Under the agreement, Samsung Heavy Industries and PVSM plan to jointly build two 156,850 DWT Suezmax tankers and two 115,000 DWT LR2 tankers. The formal outsourcing contract is expected to be signed in November this year, with construction preparations set to begin in October 2026.