Samsung Heavy Industries has surpassed 10 billion USD in cumulative annual orders. This milestone comes five years after the surge in merchant vessel orders following the global economic recovery in 2021.

The company announced on Wednesday that it secured contracts for two oil tankers from a Bermuda-based shipping firm, valued at 284.9 billion KRW (about 189.4 million USD). These vessels are slated for delivery to the client by May 2029.

With this latest deal, Samsung Heavy Industries' total orders for the year have reached 10 billion USD, comprising 32 merchant vessels and two floating liquefied natural gas production units (FLNGs). This figure represents 72% of their annual order target of 13.9 billion USD.

This achievement marks Samsung Heavy Industries' return to the 10 billion USD annual order threshold for the first time in five years.

A spokesperson for Samsung Heavy Industries stated that it aims to solidify the two-pronged growth strategy, encompassing both merchant vessels and offshore operations. This approach will enhance the resilience to market fluctuations and strengthen the stable management foundation.

In related news, Samsung Heavy Industries reported first-quarter consolidated revenues of 2.9023 trillion KRW (about 1.93 billion USD) and an operating profit of 273.1 billion KRW (about 181.5 million USD). These figures represent year-over-year increases of 16.4% in revenue and 121.9% in operating profit.

Samsung Heavy Industries has surpassed 10 billion USD in cumulative annual orders. This mi …

Samsung Heavy Industries Achieves 10 Billion USD Orders: What This Means for the Future of Tankers and FLNGs