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Samsung Heavy Industries secures $2.5 billion major ship block deal

The equipment and the ship blocks are scheduled for delivery by 2025

Samsung Heavy Industries (SHI) has secured a $2.5 billion major ship block deal by an unnamed European shipowner. The deal marks the biggest ever single contract deal in the company’s history since its inception.

It is reported that the equipment and the ship blocks are scheduled for delivery by 2025. SHI has received an order worth $8.4 billion to a 45 percent completion stage as part of the contract. Many experts believe that SHI’s deal is related to Russia’s Arctic LNG-2 project although the company has not disclosed the shipowner’s name.

Earlier, SHI secured a $175 million deal to develop three crude carriers. Although the company has not disclosed the buyer in  the contract and unveiled that the company is based in Oceania. It is reported that the three crude carriers will be delivered in 2023.

The company is also expecting to secure more projects by the year end. The expected projects include liquefied natural gas projects in countries such as Mozambique and Qatar. The company was selected as a technology partner for the Arctic LNG-2 project in 2019 by Russia’s Zvezda Shipyard.

South Korea is expected to take over China by the year end in terms of shipbuilding order intake. The country already took over China in July. South Korea aims to become the best by surpassing China. The global shipping and ports sector have been walloped by the pandemic. However, some companies are finding a way to deal with the situation.

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