Samsung Heavy Industries Achieves Landmark Technical Certification for Innovative Vessel Technology
Samsung Heavy Industries announced that it has received unprecedented technical certification from the American Bureau of Shipping and the Liberian flag state for a molten salt reactor vessel, unveiled at the Gastech conference in Milan. Developed in collaboration with the Korea Atomic Energy Research Institute, this technology enhances stability and energy efficiency. The shipbuilder also secured multiple certifications for eco-friendly technologies and AIPs for its liquefied hydrogen carrier design and LNG carrier with wind-assisted propulsion. Samsung Heavy's orderbook currently includes 69 LNG carriers valued at $15.8 billion, with expectations of increased orders in the coming months.
Theia Market Signal Identification - AI AssistedAt the recent Gastech conference in Milan, Samsung Heavy Industries marked a significant milestone by securing technical certification from the American Bureau of Shipping and the Liberian flag state for its groundbreaking molten salt reactor vessel. This achievement positions Samsung as a pioneer in the maritime industry, reflecting its commitment to innovation and sustainability. The molten salt reactor, developed in collaboration with the Korea Atomic Energy Research Institute, employs a unique liquid mixture of molten salt to enhance both stability and energy efficiency.
Beyond this landmark certification, Samsung Heavy showcased its advancements in eco-friendly digital integration technologies, receiving multiple technical certifications for these innovations. Notably, the company obtained Approval in Principle (AIP) from DNV for its 80,000 cubic meter liquefied hydrogen carrier design, ingeniously optimized to minimize size and prevent heat influx. Additionally, it garnered AIP from Lloyd's Register for its liquefied natural gas carrier, which is enhanced with wind-assisted propulsion.
In a display of robust market activity, Samsung Heavy secured orders for six LNG carriers worth $1.55 billion in August, tied to Denmark’s Celsius Tankers and Greece's TMS Cardiff Gas. This followed the company's earlier contract for one LNG carrier in January 2023, marking its first such order for 2025, again linked to Celsius Tankers. Moreover, Samsung Heavy is positioned to expand its footprint in the sector with a preliminary contract for Eni's second floating LNG project in Mozambique, Coral Norte.
With an impressive orderbook comprising 69 LNG carriers valued at $15.8 billion, Samsung Heavy anticipates a surge in LNG carrier orders in the latter half of the year, buoyed by final investment decision approvals for U.S. projects. The shipbuilder's innovative strides and strategic partnerships underscore its pivotal role in shaping the future of sustainable maritime solutions.
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