Samsung Heavy signs ￦459-billion LNG tanker deal

Samsung Heavy Industries said Thursday it has clinched a 459 billion-won ($415 million) deal to build four liquefied natural gas (LNG) fueled oil tankers.

Under the deal with an Oceanian company, the very large crude carriers will be delivered by June 2023, the shipbuilder said.

Samsung Heavy Industries did not reveal the name of the Oceanian company.

With the latest order, Samsung Heavy Industries has bagged $1.7 billion worth of orders, or 14 ships, so far this year.

Samsung Heavy Industries set its 2021 order target at $7.8 billion, which is up 42 percent from its orders of $5.5 billion in 2020.

"Demand for LNG-fueled ships is expected to be expanded as environmental regulations are toughened in the shipbuilding industry," the company said.

Shares in Samsung Heavy Industries were trading at 6,620 won on the Seoul bourse as of 10:04 a.m., up 1.22 percent from the previous session.

Yonhap