Samsung Heavy lands US$1.3 billion deal for five box ships, oil platform

SAMSUNG Heavy Industries announced that it has clinched deals worth a total of US$1.3 billion to build five containerships and an oil-related vessel.

These latest contracts bring the total value of ships on orders so far this year to $15.2 billion, surpassing the company's annual target, Samsung Heavy said in a statement. The amount translates into 86 vessels, including 46 container ships, 23 oil tankers and six drill ships.

Samsung Heavy said it received the orders in Korean currency (won) as it seeks to minimise any foreign-exchange losses.

This continues the stellar performance South Korean shipyards recorded last year, when they received record-high orders on the back of booming demand for crude oil carriers and offshore exploration equipment, as oil prices remained high.