According to The Korea Times, Samsung Heavy Industries, a leading South Korean shipbuilding company, has secured a KRW 341.1 billion (USD 237 million) contract to build three oil tankers for a Liberian shipping company.
Samsung Heavy announced that the vessels will be constructed at an undisclosed shipyard in Vietnam, with delivery scheduled for March 2029. This move aligns with the company’s strategy to diversify its production bases.
A company spokesperson stated, “Samsung Heavy, which operates a large-scale shipyard in South Korea and a mega-block shipbuilding facility in China, is expanding its oil tanker production through partnerships with domestic and international shipbuilders.”
The company plans to focus on high-value-added vessels, such as liquefied natural gas (LNG) carriers, container ships, and floating LNG (FLNG) facilities, at its main shipyard in Geoje, South Gyeongsang Province, while developing the site into a technology innovation hub.
Samsung Heavy will oversee planning and procurement of key equipment for the oil tankers, while construction will take place at partner shipyards in South Korea, China, and Southeast Asia.
As of now, the company has secured orders worth USD 5.2 billion this year, achieving 53% of its annual target of USD 9.8 billion.
Previously, on June 26, 2025, Petroleum Shipbuilding and Mechanical Engineering Corporation (PVSM) signed a cooperation agreement with Samsung Heavy Industries.
PVSM signed a “Memorandum of Cooperation” with Samsung Heavy Industries for the construction of two Suezmax crude oil tankers (156,850 DWT) and two LR2 product carriers (115,000 DWT). The parties are expected to sign the contract in November 2025, with construction preparations beginning in October 2026.
In May, Mr. Le Manh Hung, Chairman of the Board of Directors of the Vietnam National Oil and Gas Group (Petrovietnam), met with a delegation from Samsung Heavy Industries led by Executive Vice President Namgoong Geumsung.
Executive Vice President Namgoong Geumsung expressed his hope for expanded cooperation with Petrovietnam and its subsidiaries in shipbuilding, marking a new chapter in mutual development.
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