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.
- 82-55-630-5020
- www.shi.samsung.co.kr
- 82-55-630-4104
Products
Ship and Offshore platform building
Geoje South Korea
530 Jangpyung-Ri Sinhyeon-Up
Geoje 656-710
South Korea
Geoje 656-710
South Korea
Maritime News
Dozens Dead After Tourist Boat Capsize in Vietnam
Dozens of rescuers were scrambling in Vietnam on Sunday to trace four missing people after retrieving the bodies of dozens killed when a thunderstorm capsized a boat in the top tourist destination of Halong Bay, authorities said.Despite a calm sea, rescuers, from police and border guards to divers and navy personnel, were battling limited visibility hours before the expected landfall in northern Vietnam of Typhoon Wipha, which is now approaching Hong Kong.The government said rescuers had managed to retrieve the sunken boat and revised down the death toll to 35 from an initial 38 on Saturday, while cutting an estimate of those aboard to 49 from 53
Tow Collision: Fatigued Pilot Distracted by Phone
A tow pilot’s distraction caused by personal cellphone use resulted in a collision last year with moored barges on the lower Mississippi River, according to the National Transportation Safety Board.The towing vessel William B Klunk was pushing 22 loaded hopper barges on April 17, 2024, when the tow collided with moored barges at a fleeting area near Baton Rouge. Thirteen barges broke away from the William B Klunk tow and three barges broke away from the fleeting area, resulting in damage to the barges, a fleet crew boat and two mooring dolphins. The collision resulted in one minor injury and estimated damages of $810,000.The pilot reported using his personal cell phone during the transit.
Chevron Emerges as Winner in ExxonMobil Dispute Over Guyana Oil Field
Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.Shares of Chevron were up 3.6% in premarket trading, with Hess gaining nearly 7.4%. Exxon shares were up 0.3%.CNBC first reported the arbitration outcome. An Exxon Mobil spokesperson confirmed to Reuters that Chevron prevailed in the mediation over Guyana oil assets.Chevron and Hess did not immediately respond to Reuters request for comment.
Germany’s Maritime Sector: Steady Growth Amid Global Headwinds
Order intake, exports, and green technology demand fuel confidence for 2025Germany’s maritime equipment and offshore supply industry is posting steady growth in 2024 and setting an optimistic course for 2025, according to new figures released by the VDMA Marine Equipment and Systems Association.With an average turnover increase of 5.5% in 2024, German maritime suppliers are proving resilient in the face of global supply chain volatility, geopolitical tensions, and a fiercely competitive international market.
China Shipbuilding Market Share Drops 20% Amid USTR Port Fees Concerns
Chinese shipyards’ market share has dropped from 72% to 52% in the first half of 2025 amid growing concerns over the impact of US Trade Representative (USTR) port fees on Chinese ships, according to the latest report from BIMCO, the world’s largest shipping association.USTR port fees, set to take effect in October 2025, will impact both Chinese owners and operators, as well as ships built in China, BIMCO said.Smaller Chinese-built ships will be exempted from fees, depending on sector-specific criteria, along with exemptions for short haul voyages.Global newbuilding contracting in terms of Compensated Gross Tonnage (CGT) dropped 54% y/y during the first half of 2025.