On May 18, Samsung Heavy Industries announced that it had signed a contract with an Oceania-based shipowner to build three 174,000 m³ liquefied natural gas (LNG) carriers. The total value of the order is 1.1242 trillion won (approximately $756 million), with each vessel costing about $252 million. Deliveries are scheduled for the first half of 2029. The shipowner is Seapeak, an LNG carrier operator.
In May, Samsung Heavy Industries secured orders for one floating storage and regasification unit (LNG-FSRU) and five LNG carriers. The other two LNG carriers were ordered by TMS Cardiff Gas of Greece, while the LNG-FSRU was ordered by Malaysia International Shipping Corporation (MISC). The total contract value for the six vessels across two models is approximately $1.59 billion.
To date, Samsung Heavy Industries has secured orders for 22 new vessels this year, with a total value of $4.7 billion. By vessel type, the orders include 11 LNG carriers, 1 LNG-FSRU, 2 ethane carriers, 2 gas carriers, 2 container ships, and 4 crude oil tankers.
Samsung Heavy Industries stated: “As geopolitical tensions in the Middle East continue to escalate, the importance of energy security and supply chain diversification is becoming increasingly evident, leading to a corresponding rise in demand for energy-efficient LNG carriers. The company will leverage its proven LNG carrier construction capabilities to continue meeting customer needs and maintain its momentum in securing new orders.”
Although Samsung Heavy Industries has not disclosed the identity of the owner of the three newly contracted LNG carriers, Seapeak has confirmed the newbuild orders with Samsung Heavy Industries in its latest quarterly financial report. According to information disclosed by the owner, the three new vessels have been chartered under 10-year charter agreements with an unnamed international energy company, each agreement including a five-year extension option.
The latest shipbuilding project further strengthens the long-standing partnership between Samsung Heavy Industries and Seapeak. In 2022, Seapeak placed an order with Samsung Heavy Industries for five 174,000 m³ LNG carriers worth approximately $1.2 billion, with delivery scheduled through 2027; In 2025, the two parties signed another contract for two 174,000 m³ LNG carriers, scheduled for delivery in the second half of 2028. With the addition of this newly announced order, the two parties have now signed contracts for a total of 10 LNG carriers.
As of the end of March 2026, Seapeak’s LNG fleet comprised a total of 49 LNG carriers (including 7 vessels under construction), and the company operated an LNG regasification terminal in Bahrain; its liquefied petroleum gas (LPG)/ethane/multi-gas carrier fleet consisted of 42 vessels, including 6 vessels under construction.