On July 8, Samsung Heavy Industries announced that it had secured an order for two crude oil tankers from a Bermuda-based shipping company. The contract is valued at 284.9 billion KRW (approximately $189 million), with a price of about $94.5 million per vessel, and delivery is scheduled by May 2029.
According to market reports, the shipowner behind the order is JPMorgan. A long-standing client of Samsung Heavy Industries, JPMorgan has placed orders for at least 12 new vessels with the shipbuilder so far this year, including three LNG carriers, four VLGCs, and five oil tankers.
Based on construction costs and past order records, the new vessels are expected to be Suezmax vessels with a deadweight tonnage of 158,000.
This marks the first time since 2021—and the first time in five years—that Samsung Heavy Industries’ annual order intake has surpassed $10 billion.
With this contract, the company’s cumulative orders for the year have reached $10 billion—comprising 32 commercial vessels and two floating liquefied natural gas (FLNG) facilities—representing 72% of its annual order target of $13.9 billion.
Samsung Heavy Industries stated: “Reaching the $10 billion mark in annual orders for the first time in five years is driven by a strong rebound in commercial vessel orders and the successful securing of major offshore projects, such as FLNGs. We will strengthen our dual-track growth strategy across commercial shipbuilding and offshore sectors, enhance our resilience against market volatility, and maintain steady growth.”