URGENT UPDATE: Samsung Heavy Industries Co., a leading South Korean shipbuilder, has just secured a monumental order for seven container carriers valued at nearly $1.4 billion. This groundbreaking deal, announced in a regulatory filing, significantly boosts the company’s stock, which surged 4.3% on Thursday.
The order, placed by an Asia-based shipowner, is worth approximately 1.92 trillion won, representing nearly 19% of Samsung Heavy’s recent annual sales. The new vessels are slated for delivery between late 2025 and late 2029, marking one of the company’s largest single contracts to date.
With this latest deal, Samsung Heavy has now booked a staggering $6.9 billion in orders this year alone, achieving 70.4% of its full-year target of $9.8 billion. The shipbuilder has secured contracts for 39 vessels so far, including a variety of carriers and offshore production facilities, underscoring its strong market position.
The contract has energized investors, who interpret this as a signal of a potential upswing in the global shipbuilding cycle. Following the announcement, Samsung Heavy’s stock closed at 26,450 won, reflecting heightened optimism among analysts and market watchers. Korean brokerages have begun revising the shipbuilder’s target prices upwards, citing improved order quality and stronger vessel pricing.
In addition to this significant order, Samsung Heavy recently finalized a separate deal with a North American customer for two crude carriers valued at 290 billion won. The company also secured a preliminary agreement to construct a floating liquefied natural gas (FLNG) production unit, worth approximately $650 million, indicating a strong demand for high-end offshore projects.
Samsung Heavy’s broader outlook remains bright. Preliminary third-quarter results show revenue rising more than 13% from the previous year, with operating profits nearly doubling, fueled by robust ship prices and an increasing share of high-value vessels and offshore units.
As the shipbuilding sector shows signs of recovery, all eyes will be on Samsung Heavy as it continues to navigate this promising landscape. Investors and market analysts will watch closely for further developments that could shape the future of this dynamic industry.
