SHI Receives Order For 16 Methanol-Powered Ships

South Korean shipbuilding company Samsung Heavy Industries (SHI) has secured a shipbuilding contract for 16 methanol-powered container ships with a shipowner in Asia. The contract was signed with Evergreen Shipping’s subsidiary, Evergreen Marine (Asia), which also placed an order for eight vessels with Japan’s Nihon Shipyard. With a total value of KRW 3,959.3 billion ($3.1 billion), this is the largest ever single ship contract for SHI, surpassing the previous record set by the company last year. The delivery of these vessels is scheduled to take place sequentially by December 2027.

This contract has significantly bolstered SHI’s order intake for this year, adding 25 ships worth $6.3 billion to its portfolio. The company has achieved two-thirds of its annual order target of $9.5 billion in one go and currently boasts an order backlog of $33.6 billion, the highest in five years. SHI aims to continue receiving selective orders focused on profitability, as it anticipates winning contracts for LNG carriers and FLNG projects in the second half of the year. By doing so, the company hopes to achieve its order target for three consecutive years.

The shipbuilding industry has experienced a surge in demand, driven by factors such as global trade growth and the energy transition. As a result, companies like SHI are benefiting from increased orders and a robust pipeline of projects. With its strong order backlog and strategic focus on profitability, SHI is well-positioned to capitalize on the opportunities in the market, particularly in the LNG carrier and FLNG sectors. By delivering high-quality vessels and meeting customer expectations, SHI aims to cement its position as a leading player in the shipbuilding industry.

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