SHI Inks Orders for 5 Ships at Posidonia

Samsung Heavy Industries (SHI) apparently found no troubles in Greece this year, as the company reports inking a deal for five ships at Posidonia 2010, meaning its contracting amount has reach $3.3 billion in 2010, more than double the annual contracting amount of the previous year. SHI won orders for five 158,000 t SUEZMAX-class oil tankers during Posidonia 2010.

Samsung Heavy Industries focused on attracting shippers and winning contracts at Posidonia 2010, the ship fair that was held starting on June 5, 2010, and participated in by over 1,700 businesses. CEO Roh In-Sik and the Sales Manager fully supported the Company’s efforts to win more contracts. Their efforts paid off when they secured a contract to build five oil tankers on June 10, 2010, the final day of the fair.

In 2009, there were orders for only 25 units of the contracted SUEZMAX-class oil tanker, but thanks to the recovery of the marine transportation market, there have been contracts for 24 such oil tankers so far this year. In addition, the ship price grew by about 10% compared to January of this year, to reach $68m.

Samsung Heavy Industries has recorded a contracting amount of $3.3b this year, which is 2.4 times the previous year’s amount of $1.4 billion. By winning this contract, the company successfully won orders for a total of 197 units of ships ($40.5b), which guarantees revenues for the next 33 months.

CEO of Samsung Heavy Industries Roh In-Sik said, “This year’s fair was characterized by active order placement by medium-sized shippers rather than large shippers. Major oil firms expressed high interest in our ships related to energy development, such as drill ships and LNG-FPSO.”