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 disclosed in a regulatory filing that Suezmax shuttle tankers will be delivered to the unnamed Asian shipper by July 2022.

A shuttle tanker is a ship designed to transport oil from an offshore oil field to a storage tank and is equipped with a variety of offloading equipment.

Samsung Heavy said it is the leading player in the global shuttle tanker market, with a 45 percent share, having clinched orders for 64 out of 143 shuttle tankers placed to date.

"In order to solidify our market dominance, we will help ship owners further reduce operating expenses for ships with new smart technologies and make use of eco-friendly solutions for keeping pace with stricter regulations," said an official of SHI.

The shipbuilder has set its order target for this year at $8.4 billion, up 18 percent from last year's total orders of $7.1 billion.