Geoje: Samsung Heavy Industries Co., the world’s third-largest shipbuilder by orders, announced on Friday that it has secured a significant oil carrier order valued at 459 billion won (US$259 million) from an undisclosed client in Africa. The order entails the construction of four Suezmax oil tankers, with completion slated by December 2027.

According to Yonhap News Agency, Samsung Heavy Industries anticipates a rise in demand for very large crude oil carriers, projecting a total of 65 this year and 50 the following year. In parallel, demand for midsized Suez oil ships is expected to reach approximately 60 this year and 50 next year. The company attributes this trend to the increased replacement demand for outdated, less environment-friendly oil carriers, driven by stricter carbon emissions standards from the International Maritime Organization and tighter regulations in Europe.

The latest contract brings Samsung Heavy Industries’ total orders this year to $6 billion, representing 62 percent of its annual t
arget of $9.7 billion. The company remains optimistic about achieving its annual goal, as it is actively pursuing additional contracts for LNG ships and eco-friendly container carriers. With an order backlog exceeding $32 billion, the Geoje-based shipyard, located about 330 kilometers south of Seoul, is poised to remain busy for the coming three years.