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
Great Ships of 2020: Seri Everest, World’s Largest Ethane Carrier
Seri Everest, the first in a series of three 98,000 cbm Very Large Ethane Carriers (VLECs) built at Samsung Heavy Industries Co., Ltd. (SHI) and delivered to MISC Berhad on October 30, 2020. Seri Everest is the first from a series of six VLECs that MISC purchased in July 2020. As a second generation VLEC, Seri Everest is one of the largest vessels of its kind in the world.With the delivery of MISC’s first VLEC – Seri Everest, she has set a new benchmark in the ethane market.
ABS Awards Smart Notation to AET’s Eagle Passos
Classification society ABS said it has awarded AET the SMART (INF) Notation for the 152,700 DWT DP2 shuttle tanker Eagle Passos, which was built and delivered by South Korean shipbuilder Samsung Heavy Industries Co., Ltd. (SHI).The first shuttle tanker to be granted an ABS Smart Notation, which recognizes the vessel’s data communication and network infrastructure, Eagle Passos will also be granted…
Samsung Heavy Nets Its 'Largest Ever Single Order'
South Korean shipbuilder Samsung Heavy Industries has won what has been described as the company's largest-ever single order.The shipbuilder said Monday it had secured an order worth around KRW 2,8 trillion, which is approximately $USD 2,5 billion.The contract is for the supply of "blocks and equipment" and is with an unnamed European shipowner.In a brief statement on the Korea Exchange, Samsung said that the contract start date was November 20, 2020, and the end date December 31, 2025.
Wärtsilä Designs Cargo Handling System for VLEC Newbuilds
Finnish vessel technology company Wärtsilä said it has been awarded a contract for the supply of cargo handling and fuel supply system for two new 98,000 cbm very large ethane carriers (VLEC) being built at the Samsung Heavy Industries (SHI) shipyard in South Korea, with an option for a third vessel.The order, placed in September 2020, follows a similar contract awarded in 2019 for three VLECs, also…
LR Certifies Evergreen's New Box Ship as Digitally Safe & Secure
Taiwanese shipping company Evergreen Marine has been awarded Digital Safe Security certification from classification society Lloyd’s Register (LR) for its latest 12,000 TEU containership, Ever Forward, which was built by South Korea's Samsung Heavy Industries (SHI) and delivered on Monday.SHI used its smart ship solution, SVESSEL, to develop the digital ship system onboard Ever Forward. This solution…
Samsung's Ammonia-fueled Tanker Design Gets LR AIP
An ammonia-fueled tanker design developed by South Korean shipbuilder Samsung Heavy Industries (SHI) has received approval in principle (AIP) from classification society Lloyd’s Register (LR).The project to develop the novel, emissions-slashing aframax tanker was announced in January as maritime stakeholders consider cleaner-burning ammonia and other zero-carbon options to meet the International Maritime…
Altera Names Samsung-built Shuttle Tanker Trio
Altera Infrastructure held a remote naming ceremony for three new shuttle tankers built by Samsung Heavy Industries (SHI) in South Korea.The 130,000 dwt Current Spirit and 103,000 dwt Altera Wave and Altera Wind are constructed based on Altera's E-shuttle design, which incorporates technologies intended to increase fuel efficiency and reduce emissions, using liquefied natural gas (LNG) fuel and recovered volatile organic compounds (VOCs) as a secondary fuel…
ABS and SHI Target End-to-End 3D Model-Based Class Process
ABS and Samsung Heavy Industries (SHI) are working together to deliver Korea’s first end-to-end 3D model-based class process, encompassing engineering and survey.The signing of a new joint development project (JDP) to develop 3D model-based surveys follows ABS and SHI’s development of a paperless 3D model-based design and review process, completing a previous JDP signed in September 2019. The project…
Wärtsilä to Supply Bridge Systems for Five Icebreaking Gas Carriers
Finland-based marine engine and technology provider Wärtsilä said it has been contracted to deliver a complete bridge systems installation for five icebreaking liquefied natural gas (LNG)-fueled tankers to be constructed for the Arctic LNG-2 project. The navigational systems are delivered by Wärtsilä Voyage, the new business responsible for digital solutions and decision support tools to enhance safety…
KR, Samsung Heavy Industries to Maritime Study Cyber Security
Korean Register (KR) signed a Memorandum of Understanding (MOU) with shipbuilder Samsung Heavy Industries (SHI) to conduct a joint study on “Ship Cyber Security Network Construction and Design Safety Evaluation” at the Marine Engineering Research Center of SHI.Under the MOU, the two organizations have agreed to evaluate the construction and design safety of cyber security networks applicable to new ships.
Samsung Delivers LNG Carrier to GasLog
Greek shipowner GasLog has taken delivery of a newbuild liquefied natural gas (LNG) carrier from Korean shipbuilder Samsung Heavy Industries. The 180,000-cubic-meter-capacity GasLog Wales will operate on a 12-year time charter agreement with the principal LNG shipping entity of Japan’s JERA, GasLog said in its latest quarterly report.The handover follows the April 1 delivery of Samsung-built sister ship GasLog Windsor…
Samsung Heavy Scores $209M Order for Two LNG-Fueled VLCCs
South Korea's Samsung Heavy Industries has signed a contract worth $209.2 million (KRW 253.6 billion) with a Bermudan ship owner to build two LNG-fueled VLCCs, which will be delivered by April 2022.The Very Large Crude Carriers will be equipped with S-Fugas, an LNG fueling system independently developed by SHI, that will see the vessels will comply with IMO 2020 which took effect early this year and reduce the emission of SOx by 99%…
Korean Shipyards Test LNG Pumps in Denmark
Nothing is left to chance when Korean shipyards Samsung Heavy Industries and Hyundai Heavy Industries are building giant gas tankers worth billions of dollars."It’s as close to reality as we can possibly get," says Project Manager Lars Foged from Svanehøj, which designs and manufactures deep well and in-line pumps for applications in areas such as relief of liquefied gas, management of gas fuel, engine cooling…
SHI Wins $314M Orders for 3 Shuttle Tankers
South Korean shipyard giant Samsung Heavy Industries (SHI) has won a 361.1 billion won ($314.4 million) deal to build three shuttle tankers in Asia.The shipbuilder…
Partners Developing Ammonia-fueled Tanker
Maritime industry partners striving to advance shipping's decarbonization efforts are working to develop an ammonia-fueled tanker, classification society Lloyd's Register (LR) announced.The joint development project (JDP) involving LR and shipping line MISC Berhad, builder Samsung Heavy Industries (SHI) and engine maker MAN Energy Solutions aims to develop commercially viable deep-sea zero-emissions vessels (ZEVs) that would be operational by 2030…
SHI Eyes Russia's $3Bn LNG Carrier Order
South Korea shipbuilder Samsung Heavy Industries (SHI) may receive an order from Russia’s largest independent gas producer Novatek for 10 additional ice-breaking…
GasLog Secures $1B for Newbuilds
GasLog signed an Export Credit Agency-backed debt financing of $1.05 billion with 12 international banks for its current newbuilding program.The LNG carrier owner…
SHI, SKT Trial Autonomous Ship Using 5G
South Korean shipbuilder Samsung Heavy Industries (SHI) and compatriot telecommunications operator SK Telecom (SKT) have developed a 5G-based autonomous navigation…
SHI Wins Two Ice-class Tanker Order
South Korean shipbuilding giant Samsung Heavy Industries Co (SHI) has won a 187.5 billion-won (US$158 million) order to build a two ice-class oil tankers.According to a regulatory filing…
SHI to Pay $75m in Fine: US Justice Dept
South Korean shipbuilder Samsung Heavy Industries Co. (SHI) has agreed to pay $75 million in penalties to avoid prosecution in the United States over its scheme…
