Samsung Heavy wins 733.9 billion won order for 3 LNG carriers

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Samsung Heavy wins 733.9 billion won order for 3 LNG carriers

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- Orders of $11.8 billion this year ... Exceeded annual target by 30%

- 70% of eco-friendly LNG fueled ships ... Increase in demand due to strengthening IMO environmental regulations

Samsung Heavy Industries announced on the 7th that it had received orders for two LNG carriers and one LNG carrier from a Bermuda regional shipping company and an Oceania regional shipping company.

The total orders for the three ships are KRW 733.9 billion, and these ships are scheduled to be delivered sequentially by January 2025.

With this contract, Samsung Heavy Industries has increased its cumulative order receipts this year to 78 ships* and $11.8 billion, exceeding the annual target of $9.1 billion by 30%.

* 20 LNG carriers, 44 container ships, 14 crude oil carriers

In particular, the proportion of eco-friendly ships that can use LNG as a propulsion fuel out of the total order receipt reached 70% (47 ships, USD 8.2 billion), and the order backlog is steadily increasing mainly for high value-added ships.

SHI emphasized that "the demand for LNG products to respond to the IMO's greenhouse gas emission regulations is expected to continue in the future," and emphasized that "we will further solidify our market dominance through the LNG technology super-gap strategy."

IMO's Reinforcement of GHG Regulations

The International Maritime Organization (IMO) set the goal of reducing the carbon intensity of shipping by 40% compared to 2008 in 2030 and 70% in 2050 to reduce greenhouse gas emissions. At the meeting, the implementation of the Energy Efficiency Design Index for existing ships (EEXI) and Carbon Intensity Indicator (CII) rating system was announced from 2023. (IMO 2023)

According to IMO 2023, all existing ships must meet EEXI calculated based on ship specifications, and CII calculated based on operational performance must be reduced annually.

For this, measures such as limiting the engine output of ships (low-speed operation), installing energy-saving devices, operating the optimal route, and using low-carbon fuel are required.
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