Samsung Heavy Industries announced via its official website that it has secured a contract with an Oceania-based shipowner to build two liquefied natural gas (LNG) carriers. The order is valued at 721.1 billion won (approximately US$499 million). Based on this figure, each vessel is estimated to cost around $249.5 million USD. Delivery is scheduled to be completed by September 2028.
The contract for these new vessels is set for December 31, 2025, with the owner being LNG carrier operator Seapeak, which has reportedly secured a long-term charter.
With this signing, Samsung Heavy Industries has secured orders for 43 new vessels worth approximately US$7.9 billion by 2025, achieving 80.6% of its annual order target of US$9.8 billion. These orders, categorized by ship type, include 11 LNG carriers, 9 shuttle tankers, 9 container ships, 2 ethane carriers, 11 crude oil carriers and 1 preliminary FLNG contract.
Although Samsung Heavy Industries has not met its annual order target for 2025, it has already surpassed the US$ 7.3 billion annual order total achieved in 2024.
By the end of 2025, Samsung Heavy Industries had a total order backlog of 133 vessels, with a total order value of approximately US$28.6 billion.
A Samsung Heavy Industries official stated: “Despite facing drastic changes in the business environment in 2025, including trade tariff barriers initiated by the United States, our order performance surpassed that of 2024 through a selective order strategy focused on profitability. With the recovery in LNG carrier orders, we anticipate sustained steady order growth in 2026.”