Korean shipyards win more orders in the year end

Photo source: Korea Shipbuilding & Offshore Engineering Co.

South Korean shipyards are closing the year with more orders, raising expectations for next year.

Korea Shipbuilding & Offshore Engineering Co. (KSOE), the shipbuilding holding entity of Hyundai Heavy Industries Group, disclosed Thursday it signed a $500.8 million deal to build two liquefied natural gas carriers for Asyad Shipping Co. in Oman.

The orders will be built at Hyundai Samho Heavy Industries Co. to be delivered from the first half of 2026.

With the latest order, KSOE has secured orders for 197 ships worth $23.95 billion this year - 94 are container ships and 44 are LNG carriers, far exceeding its annual target of $17.44 billion.

Samsung Heavy Industries Co. also announced on the same day that it successfully clinched a $1.5 billion deal to build an offshore production facility for the first time in three years from an unidentified company in Asia.

The deal is equivalent to 29.6 percent of its yearly revenue of last year. Construction starts on Jan. 2 and will be completed in August 2027.

Samsung Heavy Industries so far this year has secured $9.4 billion worth of orders for 49 vessels.

KSOE shares were trading 2.3 percent lower at 72,300 won in Seoul trading in the morning trade Friday and Samsung Heavy Industries was 1 percent down at 5,150 won.