Kawasaki Kisen Kaisha, abbreviated as K Line, has signed a $494 million contract for the construction of two new LNG tankers with Samsung Heavy Industries. This contract, valued at 672.2 billion South Korean won, includes the delivery of both tankers by the end of May 2029.
Contract Details and Ownership
According to information from shipbuilding sources, K Line is recognized as the owner of these two tankers. These tankers are likely designed for operation by Mitsubishi Corporation's subsidiary, Diamond Global Energy. This contract continues the previous relationships between K Line and Diamond Global Energy at Samsung and signifies ongoing collaborations in the LNG transportation industry.
Samsung's Position in the LNG Industry
Samsung Heavy Industries has performed outstandingly in the LNG sector this year, and with this contract, the total number of its LNG tanker orders has reached 20 by 2026. The total value of this company's commercial ship orders amounts to $8 billion. Additionally, Samsung has signed two FLNG contracts, bringing the total value of its entries to $12.4 billion across 48 ships and offshore units.
K Line, identifying LNG transportation as one of its main growth areas, is seeking to secure more long-term contracts to expand its activities in large energy projects and LNG companies.
