Samsung Heavy lands $1.7 billion order for seven shuttle tankers

South Korean shipbuilding company Samsung Heavy Industries (SHI) has received an order to provide design, parts and blocks for seven shuttle tankers.

The order has been placed by an undisclosed shipowner from Eurasia. The price tag for the contract is KRW 2.04 billion (around $1.7 billion), the shipbuilder revealed in its stock exchange filing.

Under the deal, the newly-ordered ships are expected to be delivered by the end of January 2027. Other details of the contract were not revealed.

Last year, SHI scored an order for the construction of three shuttle tankers worth $300 million. The shipbuilding contract was signed with an undisclosed Asian shipowner and newbuilds are scheduled for delivery by the end of July 2022.

Back in 1995, SHI became the first Korean shipbuilder to construct a shuttle tanker. It currently boasts a large market share of 45 percent in the world, having clinched orders for 64 out of 143 shuttle tankers to date.

With the latest deal, the company has won a combined $10.3 billion orders so far this year, surpassing its order target of $9.1 billion.