Samsung Heavy Industries wins 2 tanker orders, crosses $10b in annual orders for first time in 5 years

Samsung Heavy Industries has secured orders for two additional crude oil tankers, crossing the $10 billion mark in annual orders for the first time since 2021.

The shipbuilder disclosed Wednesday that it won contracts from a Bermuda-based shipping company for two crude oil tankers worth 284.9 billion won ($187 million). The vessels are scheduled for delivery by May 2029.

Samsung Heavy Industries' cumulative orders this year now stand at $10 billion — covering 32 commercial vessels and two floating liquefied natural gas production units (FLNG) — reaching 72 percent of its annual order target of $13.9 billion.

The milestone marks the first time since 2021 that the company has hit $10 billion in annual orders within a single year. A global economic recovery that year had triggered a surge in commercial vessel orders.

"The driving force behind achieving $10 billion in annual orders for the first time in five years was a strong order rally in the commercial vessel segment, backed by large-scale offshore project wins including two FLNG units," a Samsung Heavy Industries official said. "We will solidify our two-track growth foundation spanning commercial vessels and offshore projects to strengthen our resilience against market volatility and build a stable management base."