SHI Wins $ 1.7 Billion Order to Supply Shuttle Tanker Components


SHI is expected to deliver the design, parts and blocks for the ships by January 2027. Credit: Tim Mossholder / Unsplash.

Shipbuilding company Samsung Heavy Industries (SHI) has won a $ 1.7 billion order from a Eurasian-based joint-stock company to supply the designs, parts and blocks for seven shuttle tankers.

In a regulatory filing, SHI revealed that it is expected to deliver parts for tankers by January 2027.

Shuttle tankers are tankers that operate as carriers of crude oil between offshore oil fields and onshore oil factories.

SHI has secured $ 10.3 billion in orders so far this year, surpassing its order target of $ 9.1 billion by 13%, Yonhap News Agency reported.

In addition, Korea Shipbuilding and Offshore Engineering (KSOE) signed a $ 350.4 million (KRW 416 billion) shipbuilding contract with a Marshall Islands shipping company for the construction of two port -containers.

As agreed, KSOE’s unit, Hyundai Samho Heavy Industries, will be responsible for the construction of the vessels.

The order is expected to be delivered by April 2024.

In addition, last week Daewoo Shipbuilding and Marine Engineering (DSME) secured an order for $ 542 million (KRW 640.8 billion) for the construction of four container ships.

Under the agreement with an undisclosed European nation, DSME will supply the ships by November 2024.

In the first nine months of the year, DSME received $ 8.04 billion in orders, surpassing its annual order mark of $ 7.7 billion.

Earlier this month, DSME also received a Cybersecurity Product Design Assessment (PDA) from the American Bureau of Shipping (ABS) for its DS4 Smart platform.

The intelligent DS4 platform provides enhanced operational information to vessel operators by integrating data collected from on-board equipment and systems.