SHI secures contract for 16 methanol-powered container ships

Samsung Heavy Industries (SHI) has secured its largest ever contract, surpassing a deal from last year with Taiwan’s Evergreen Marine. The new contract, worth $4.49 billion, is with a buyer from the Middle East region, believed to be QatarEnergy. The contract is for the construction of sixteen methanol-powered container ships, scheduled for delivery by October 2028.

This new contract brings SHI’s total orders for the year to 17 ships, including LNG carriers and very large ammonia carriers. The company stated that the significant amount of work from this large-scale order will further strengthen their policy of selective order-taking centered on profitability. This comes after QatarEnergy placed an order for 17 LNG carriers at a rival South Korean yard in September 2023, bringing their LNG carrier orderbook to 77 vessels.

The shipbuilder’s success in securing this major contract demonstrates their continued growth and profitability, as well as their strong position in the industry. This announcement is a significant milestone for SHI and reflects the company’s commitment to delivering high-quality vessels to meet the needs of the global shipping industry.

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