April 20, 1998 in Social Responsibility News

SAMSUNG Heavy Industries Wins Orders for 7 Vessels Worth US $220 Million

SEOUL, Korea - April 18, 1998 - Samsung Heavy Industries has received orders for seven vessels, including oil tankers and bulk carriers, worth US $220 million from leading U.S and European shipping companies.
Amid declining national and financial insititutions' credit, the biggest obstacle to winning orders overseas for Korean companies, Samsung is brightening the prospects for Korea's shipbuilding industry.

Samsung will deliver two 105,000-ton tankers to Conoco Shipping Co. of the U.S, and five 73,000-ton bulk carriers to Alpha of Greece and Gestion Maritime of Monacco. The tankers are worth US $86 million and the bulk carriers will bring in a total of US $137 million.

Samsung has received orders valued at US $700 million for 12 vessels to date. The company won orders worth US $270 million in February and US $200 million in March, and has secured work for the next two years.

The 105,000-ton tanker is 243.8m long, 42m wide and 21.3m high, while the 73,000-ton bulk carrier's size is 225m, 32.4m and 19.1m Spectively. Both vessels operate at a speed of 15 knots.

The two vessels are Samsung's standard design types and are viewed as two of the most competitive vessels in the industry. The first delivery is scheduled for the later half of 1999.

Samsung has achieved a growth rate of over 100% compared to the same period last year, when orders stood at US $330 million. It is expected that the company will be able to exceed this year's target of US $2 billion by at least 10%.

Samsung Heavy Industries Co., a division of the US$93 billion, Korea-based Samsung Group, operates four major business divisions: Shipbuilding, Industrial Machinery, Construction Equipment, and Construction. The company had sales of US$4 billion in 1996 and employs 11,550 people worldwide. For more information, please access www.shi.samsung.co.kr

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