Samsung Heavy wins 672.2 billion won order to fit GTT cargo holds on Japanese LNG carriers

French engineering company GTT has won a cargo hold design contract from Samsung Heavy Industries for two liquefied natural gas (LNG) carriers ordered by Japanese shipping company Kawasaki Kisen Kaisha (K Line). The vessels, which Samsung Heavy Industries won from K Line last month for about 670 billion won (about $494 million), will be fitted with GTT's high-efficiency cargo hold technology and delivered to the shipowner in 2029.

According to GTT on Nov. 4, the company signed a contract with Samsung Heavy Industries in the fourth quarter of this year to design cargo holds for two 174,000-cubic-meter newbuild LNG carriers. The vessels will be built for Japan's K Line and are scheduled for delivery by the first quarter of 2029.

The cargo holds of the two vessels will be equipped with GTT's proprietary membrane containment system, Mark III Flex. The technology increases the thickness of the cargo hold insulation to suppress the natural boil-off of LNG transported at a cryogenic temperature of minus 163 degrees Celsius. Applying the Mark III Flex system can lower the daily boil-off rate (BOR) to 0.085% of tank capacity, improving transport efficiency.

The cargo hold design contract is a follow-up to the order Samsung Heavy Industries won early last month. Samsung Heavy Industries disclosed in October that it had won an order for two LNG carriers from an Asian shipowner for a total of 672.2 billion won (about $496 million). The construction price per vessel is about 336 billion won (about $248 million), and shipping media reports at the time said the shipowner was Japan's K Line.

Samsung Heavy Industries has been racking up orders in the commercial vessel segment this year, including the K Line order. As of early last month, the company had won orders for 20 LNG carriers this year alone, with total commercial vessel orders reaching $8 billion (about 11.16 trillion won).

That exceeds its annual order target of $5.7 billion (about 7.95 trillion won) by 140%. Including the offshore plant segment, total orders reached 48 vessels worth $12.4 billion (about 17.3 trillion won), achieving 89% of the annual target.

K Line, the shipowner, has been expanding its LNG carrier fleet on the back of long-term contracts. Under its Environmental Vision 2050, K Line is reportedly planning to increase its LNG fleet to 65 vessels by 2026.

In September, K Line took delivery of the Toho Emerald, a 174,000-cubic-meter newbuild LNG carrier built by Samsung Heavy Industries, and added it to its fleet.

(Dollar figures are approximate, converted automatically at 1,000 won = $0.738, the rate on Nov. 8, 2026.)

※ This article is an AI translation of the Korean original published by Korea Credit News; it was checked by automated quality guards and published by the English edition desk.