Samsung Heavy Industries
Samsung Heavy Industries (SHI) is one of the largest shipbuilding and engineering companies in the world. Founded in 1974 and headquartered in Geoje, South Korea, SHI is a subsidiary of the Samsung Group, a major conglomerate in South Korea known for its extensive range of businesses, including electronics, construction, and financial services.
Key Areas of Operation
Shipbuilding:
- Commercial Vessels: SHI builds a wide range of commercial ships including container ships, oil tankers, bulk carriers, and liquefied natural gas (LNG) carriers. They are renowned for their high-tech and environmentally friendly ships.
- Specialized Vessels: This includes drillships, floating production storage and offloading units (FPSOs), and other offshore platforms that are crucial for oil and gas exploration and production.
Offshore Engineering:
- SHI is known for its expertise in the design and construction of offshore oil rigs, platforms, and other structures critical to the energy sector.
- They are also involved in projects related to renewable energy, including offshore wind farms.
Engineering and Construction:
- Beyond shipbuilding, SHI engages in the construction of plant facilities and infrastructure, providing integrated solutions to complex engineering challenges.
Milestones and Achievements
- Technological Innovation: SHI has been a pioneer in adopting advanced technologies for shipbuilding, including 3D modeling, automation in ship design and construction, and eco-friendly technologies to reduce emissions and improve fuel efficiency.
- Market Leadership: The company has consistently ranked among the top shipbuilders globally in terms of orders received and delivery tonnage.
- Global Presence: While headquartered in South Korea, SHI has expanded its market reach with numerous projects and partnerships across the globe.
Financial Performance
As a large-scale industrial company, SHI's financial performance is closely tied to the global economic environment, particularly trends in international trade and the oil and gas market. The fluctuating demand for new ships and offshore projects can significantly influence its revenues and profitability.
Challenges
- Economic Cycles: The shipbuilding industry is highly cyclical, dependent on fluctuations in the global economy, which can affect demand for new vessels and offshore platforms.
- Competition: SHI faces competition from other leading shipbuilding firms, particularly those in South Korea, China, and Japan.
- Technological Advancements: Continuous innovation is essential to maintain a competitive edge, requiring significant investment in research and development.
Future Outlook
Samsung Heavy Industries continues to focus on technological advancements and sustainable practices to maintain and grow its market position. This includes further investment in eco-friendly ship designs, automation, and digitalization in the manufacturing process, as well as exploration of new markets such as renewable energy.
Overall, Samsung Heavy Industries remains a major player in the global shipbuilding and offshore engineering sectors, with a strong track record of innovation and market adaptation.
Ship and Offshore platform building
- Phone: 82-55-630-5020
- Web: www.shi.samsung.co.kr
- Fax: 82-55-630-4104
Locations
Samsung Heavy Industries News
SHI Exhibits Power of Blockchain in Autonomous Ship Development
![Presentation of the SoF certificate (from left): Seung Hyeon Yoo (DNV), Andreas Kristoffersen (DNV), Hwa Lyong Lee (DNV), Jang Sup Lee (DNV), Hyun Joe Kim (SHI), Kyung Won Bae (SHI), Hanwee Low (DNV), Jae Woo Kim (SHI). Image courtesy DNV](https://images.marinelink.com/images/maritime/w200h200c/presentation-of-the-sof-certificate-137404.jpg)
In the first of its kind for a shipyard, DNV has awarded a Statement of Fact (SoF) to Samsung Heavy Industries (SHI) for applying blockchain technology to its own SAS (Samsung Autonomous Ship) and SVESSEL eLogbook data streams on an operating vessel.The project was accomplished by interfacing SHI’s data stream and eLogbook with the VeChainThor blockchain to demonstrate the technology’s potential for…
Samsung Heavy Industries, Equinor Sign Strategic Collaboration Deal
![Jintaek Jung, CEO of SHI(fourth from left) and Trond Bokn, SVP, Director of Project Development(fifth from left) Credit: Samsung Heavy Industries](https://images.marinelink.com/images/maritime/w200h200c/jintaek-jung-ceo-of-shifourth-135543.jpg)
Samsung Heavy Industries (SHI) has signed a "Strategic Collaboration Agreement" with Equinor, Norway's largest energy company, to strengthen its competitiveness in the offshore EPC business.According to SHI, the two companies have recognized that a longer-term and closer collaboration on the future project portfolio could be mutually beneficial for Equinor's future projects requiring "Asian Solutions"…
DNV Grants AIP to SHI for New Liquified CO2 Carrier Design
![From left: Ji-Soon Park, SHI Shipbuilding Sales Engineering Team; H. S. Jang, SHI Sales Team; Young Kyu Ahn, Head of SHI Shipbuilding Sales Engineering; Vidar Dolonen, Regional Manager Korea & Japan, DNV Maritime; Hwa Lyong Lee, Regional Head of Business Development, DNV Maritime; Myeong Sub Shin, Key Account Manager, DNV Maritime (Photo: DNV)](https://images.marinelink.com/images/maritime/w200h200c/from-left-jisoon-park-shi-134883.jpg)
DNV has awarded an approval in principle (AIP) to Samsung Heavy Industries (SHI) for its new liquefied CO2 (LCO2) carrier design.The innovation incorporates customized large cargo tanks (pressurized IMO Type-C) and a reliable cargo handling system with highly efficient reliquefication technology.The AIP, presented at the Gastech 2022 Exhibition in Milan, confirms that DNV has reviewed SHI's design…
AET Unveils Shuttle Tanker for Long-term Charter to Petrobras
![(Photo: AET)](https://images.marinelink.com/images/maritime/w200h200c/photo-aet-134007.jpg)
Tanker shipping company AET on Thursday named its newest vessel, Eagle Crato, the final of three Suezmax Dynamic Positioning (DP2) shuttle tankers purpose-built for long-term charter to Petróleo Brasileiro S.A. – Petrobras, based on the agreement signed in February 2020.The Eagle Crato was unveiled at a naming ceremony held at the Samsung Heavy Industries (SHI) Shipyard in Geoje, South Korea. Eagle Crato will be delivered to AET on Friday…
ABS and SHI JDP to Develop Smart Hull Monitoring Software
![Left to right: Seung-Hyeon Park, SHI Engineer, Ship & Offshore Performance Research Center; Sam-Kwon Hong, PhD, SHI Principal Engineer, Ship & Offshore Performance Research Center; Hyun Joe Kim, PhD, SHI Vice President, Ship & Offshore Performance Research Center; Min-Sung Chun, PhD, SHI Principal Engineer, Ship & Offshore Performance Research Center; Seong-Hun Kim, ABS Business Development Director; Sung-Jin Hwang, ABS Senior Design Development Engineer; Myung-Ho Jo, ABS Business Development Ma](https://images.marinelink.com/images/maritime/w200h200c/left-to-right-seunghyeon-park-133837.jpg)
Classification society ABS said it has signed a joint development project (JDP) with South Korean shipbuilder Samsung Heavy Industries Co., Ltd. (SHI) aiming to enhance hull safety with smart ship technology for Structural Health Monitoring (SHM) using a hull sensor package that will allow for more informed and targeted hull surveys.SHI’s Hull Stress Monitoring System (HSMS) will be developed in accordance with the ABS Smart Functions Guide.
Korean Partners Developing Autonomous Navigation Systems
![YEON Kyujin, KR’s Head of Plan Approval Center (right), KWON Ohgil, KLCSM’s Managing Director (center), and KIM Hyunjo, SHI’s Director of Marine Shipbuilding Research Center (left) at the MOU signing ceremony at this year’s Korea Ocean Expo in Incheon, Korea. (Photo: KR)](https://images.marinelink.com/images/maritime/w200h200c/yeon-kyujin-krs-head-of-133581.jpg)
Korean Register (KR) has signed a Memorandum of Understanding (MOU) with ship management company KLCSM and shipbuilder Samsung Heavy Industries (SHI) to jointly research and approve the application of autonomous navigation systems for mid- to large-sized vessels.The agreement, which was signed on June 23 at this year’s Korea Ocean Expo in Incheon, Korea, aims to accelerate the commercialization and…
SHI Ammonia-Fueled Neo-Panamax Container Ship earns ABS AIP
![Ezekiel Davis, ABS Vice President of Regional Business Development in Europe, and Seongil Oh, Samsung Heavy Industries Executive Vice President and CMO, at the Posidonia International Shipping Exhibition. Photo courtesy ABS](https://images.marinelink.com/images/maritime/w200h200c/ezekiel-davis-abs-vice-president-132812.jpg)
ABS granted approval in principle (AIP) to Samsung Heavy Industries’ (SHI) design for an ammonia-fueled Neo-Panamax container vessel.Presented in Athens, Greece, at the Posidonia International Shipping Exhibition, the AIP confirms the design has been reviewed by ABS against the requirements outlined in the ABS Guide for Ammonia Fueled Vessels. “This ammonia-fueled vessel represents a significant step…
LR and Samsung Heavy Industries Pen MOU for Autonomous Ship Design
![The certification was awarded on 7 June 2022 at Posidonia in Athens, Greece, in the presence of Jin-Taek Jung, SHI’s President & CEO and Nick Brown, LR Group CEO. (Photo: LR)](https://images.marinelink.com/images/maritime/w200h200c/the-certification-was-awarded-on-132739.jpg)
LR and Samsung Heavy Industries (SHI) have signed a Memorandum of Understanding (MOU) to develop an autonomous ready ship design to support maritime digitalization and the growing demand for operational benefits of increased autonomy.SAS (Samsung Autonomous Ship) is an autonomous navigation system which integrates current navigation equipment, such as ECDIS with TCS (Track Control System), RADAR, CONNING…
DNV Approves Maritime Digital Infrastructure Projects
![(Image: DNV)](https://images.marinelink.com/images/maritime/w200h200c/image-dnv-132691.jpg)
Classification society DNV said it has recently approved several projects for digital infrastructure solutions developed by COSCO, Kongsberg Digital and Samsung Heavy Industries (SHI).According to DNV, digitalization of the maritime industry is set to radically enhance the operational efficiency, safety and environmental performance of ships, but right now is taking place in a fragmented way, with…
Samsung Delivers Suezmax Newbuild to NAT
Tanker shipping company Nordic American Tankers on Friday took delivery of a suezmax newbuild from shipbuilder Samsung Heavy Industries in South Korea.The 157,000…
Second Dual-fuel VLCC Delivered to AET
![(Photo: AET)](https://images.marinelink.com/images/maritime/w200h200c/photo-aet-131706.jpg)
Tanker operator AET said it has taken delivery of its second liquefied natural gas (LNG) dual-fuel very large crude carrier (VLCC) Eagle Vallery, built by Samsung Heavy Industries (SHI) in South Korea.Following the delivery of Eagle Valence, one of the world’s first dual-fuel VLCCs, Eagle Vallery is the sister vessel in this series of two built for long-term charter to TotalEnergies with Eaglestar as appointed shipmanager.On delivery, Capt.
Samsung Heavy Industries, Seaborg Partner to Develop Floating Nuclear Power Plant
![Jintaek Jung, CEO of SHI is taking a commemorative photo after signing an agreement with Seaborg to jointly develop Floating Nuclear Power Plant.Photo courtesy SHI](https://images.marinelink.com/images/maritime/w200h200c/jintaek-jung-ceo-of-shi-131161.jpg)
As the world increasingly searches for a means to reduced carbon footprint, compact floating nuclear power plants are emerging as a serios contender. To this end, Samsung Heavy Industries (SHI) and Seaborg signed a partnership agreement to develop floating nuclear power plants based on Seaborg's Compact Molten Salt Reactor (CMSR). The agreement includes development of hydrogen production plants and ammonia plants…
Samsung Delivers Shuttle Tanker to Altera
![(Photo: Altera Infrastructure)](https://images.marinelink.com/images/maritime/w200h200c/photo-altera-infrastructure-130987.jpg)
Altera Infrastructure, formerly known as Teekay Offshore, said it has taken delivery of a new shuttle tanker from Samsung Heavy Industries in South Korea.The 148,200 DWT newbuild, Altera Thule, was handed over to Altera on Thursday. The ship's crew is currently on board and preparing for sail away after familiarization, testing and drills, the company said.The Bahamas-registered suezmax will operate on long-term contracts with a group of companies that includes Chevron…
Tech File: SHI Develops onboard Carbon Capture System
![An SHI-built LNG carrier. Photo courtesy Samsung Heavy Industries](https://images.marinelink.com/images/maritime/w200h200c/an-shibuilt-lng-carrier-photo-129255.jpg)
SHI reports that it has successfully developed an 'Onboard Carbon Capture' system which can be applicable to LNG fueled vessels with PANASIA, an eco-friendly and energy system expert, and received Approval in Principle from KR, Korean classification society, for the first time in Korea.This approved green technology separates and collects carbon dioxide among exhaust gas of LNG, which is burned in a ship engine or generator, using an Amine based liquid absorbent.
Wärtsilä to Power Seven New Arctic Shuttle Tankers
![(Image: Wärtsilä)](https://images.marinelink.com/images/maritime/w200h200c/image-wrtsil-129029.jpg)
Wärtsilä will supply the main and harbor engines for a series of seven new arctic shuttle tankers being built at the Samsung Heavy Industries (SHI) yard in South Korea. The order, which is valued at more than EUR 100 million, was placed with Wärtsilä in December 2021.The 120,000 DWT vessels are Arc 7 classified and have icebreaking capability. The Wärtsilä engines are designed to operate reliably at temperatures as low as minus 45 degrees C.
GTT Wins LNG Tank Design Order from Samsung
French engineering firm GTT announced on Wednesday that it has received an order from South Korean shipyard Samsung Heavy Industries for the tank design of a new…
GTT Scores Tank Design Order for LNG Carrier Pair
French engineering firm GTT announced it has received an order from its partner the Korean shipyard Samsung Heavy Industries (SHI) for the tank design of two new…
SHI Demos SENSE IV, Its Own Natural Gas Liquefaction Process
![The SENSE IV Piolot Plant. Photo courtesy SHI](https://images.marinelink.com/images/maritime/w200h200c/the-sense-iv-piolot-plant-127728.jpg)
Samsung Heavy Industries announced on November 18 that it successfully held a demonstration ceremony at the Geoje shipyard for "SENSE IV (SAMSUNG Enhanced Nitrogen Split Exapnsion IV)", SHI's in-house natural gas liquefaction system.The demonstration, which began on November 16, was attended by several major LNG producers and classification societies.The natural gas liquefaction system, called "An LNG plant on the sea…
SHI SVESSEL "Smart Ship" Design gets BV Cyber Secure AIP
![The certificate was delivered to the Vice President of SHI, Hyun Joe Kim, by the Chief Country Executive of BV Korea, Christophe Capitant, at a ceremony on SHI R&D Centre in Daejeon, Republic of Korea. Image courtesy BV](https://images.marinelink.com/images/maritime/w200h200c/the-certificate-was-delivered-to-127421.jpg)
Samsung Heavy Industries Co., Ltd (SHI) received an Approval in Principle (AiP) for an LNG carrier design under Bureau Veritas’ (BV) Cyber Managed Prepared notation. The certificate was delivered to the Hyun Joe Kim, Vice President of SHI, by Christophe Capitant, Chief Country Executive of BV Korea, at a ceremony on SHI R&D Center in Daejeon, Republic of Korea.SHI has received the AiP for its SVESSEL smart ship solution, which focuses on complete digitalization of the ship and its applications.
GTT Wins LNG Tank Design Order for Six Containerships
French engineering firm GTT said it has been chosen by South Korean shipyard Samsung Heavy Industries (SHI) to design the cryogenic fuel tanks of six liquefied natural…