June 27, 2001 in Social Responsibility News

SHI, Wins Orders for 3 High-Tech LNG Carriers Worth $500 million

SHI has confirmed orders for three LNG carriers, which are high value-added ones, worth $510 million from Europe on June 25.

The orders include a 138,000-cbm ship for Exmar of Belgium and two (with an option for one) for AP Moller of Denmark.
These are scheduled for delivery to the clients in 2004.
It is expected that the orders for LNG carriers from AP Moller will be increased greatly, with additional quantities put in option.

The LNG carriers will use a highly sophisticated method of building named "membrane MARK-III." The method is to attach an additional layer of stainless steel plate on a layer of insulation panel made of polyurethane foam and plywood inside the storage tank of the vessels.
The newest method helps enhance the efficiency in navigation to a great extent by making the gross tonnage and deadweight a lot lighter compared to the existing ones.

Thus, SHI has won six LNG carriers, four world's largest container vessels and a VLCC and Aframax oil tankers, bringing the total to 13 ships worth $1.5 billion (with two LNG carriers put in option). It is noteworthy that LNG carriers and super-sized merchant ships whose sales profit ratios are very high account for more than 90% of the entire orders, as an apparent result of the Company's focus on the orders with high value-added ones.

In the meantime, the Company currently maintains the highest level of backlog of orders ($5.5 billion) in its history.

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