Samsung Heavy Industries has booked a 307.4 billion won ($221 million) contract for two very large gas carriers from a Bermuda-based shipowner, lifting its combined 2024 order intake to $11.9 billion — 86% of its $13.9 billion annual target.

The yard disclosed the deal on the 30th, with delivery of both VLGCs due to the owner by February 2030. The contract extends a run that has seen the South Korean builder secure 16 commercial vessels in the second half of this year after 28 in the first half.

How full is the orderbook?

Commercial shipbuilding orders now total 44 vessels worth $7.5 billion (10.1497 trillion won), or 132% of Samsung Heavy's annual target of $5.7 billion. The order mix reflects where tonnage demand sits in 2024:

• 18 LNG carriers, including one floating storage and regasification unit
• 14 crude oil tankers
• 6 gas carriers
• 4 container ships
• 2 ethane carriers

The offshore division is moving more slowly. Samsung Heavy has won two floating LNG production facilities worth $4.4 billion, equal to 54% of its $8.2 billion annual offshore target.

What does the order mix say about the market?

Gas tonnage dominates the book. LNG carriers and gas carriers together account for 24 of the 44 commercial vessels, a split that tracks the global build-out of liquefaction capacity and the shift in trade patterns that has followed it.

Crude tankers form the second-largest block at 14 units, while container ship orders are limited to four vessels — a reflection of the pause in liner newbuild activity after the record ordering cycles of previous years.

The two ethane carriers point to a niche but growing segment, as petrochemical producers in Asia and India absorb US ethane exports.

What are the commercial consequences?

For owners, the order confirms that slot availability at top-tier Korean gas-carrier yards remains tight well into the decade — the new VLGCs will not deliver before February 2030. Shippers and charterers in the LPG and petrochemical trades should expect that capacity added from 2028 onward will arrive alongside a heavy LNG carrier delivery schedule from the same yards.

For Samsung Heavy, hitting 132% of its commercial target provides revenue visibility but leaves the offshore book lagging. The company needs roughly $3.8 billion in additional offshore awards this year to close the gap to its $13.9 billion combined goal.

What comes next?

A Samsung Heavy official said: "Customer demand for shipbuilding is becoming more diverse as global energy market conditions shift and the industry moves toward eco-friendly vessels."

The official added: "We will respond proactively to customer demand, drawing on the construction experience we have built across a wide range of vessel types and our competitiveness in eco-friendly technology."

The breadth of the 2024 book — VLGCs, ethane carriers, tankers, container ships and an FSRU — suggests the yard is positioning for demand that increasingly spans the full gas and fuels value chain. Whether offshore awards accelerate in the closing months of the year will determine if Samsung Heavy closes its combined order target or ends 2024 with commercial shipbuilding carrying the load.