Samsung Heavy Industries recently signed a slot reservation agreement for 2+2 liquefied natural gas (LNG) dual-fuel-powered shuttle tankers with U.S. energy giant ExxonMobil, according to Korean media reports.
If the order is formalised, the first 2 new vessels are expected to be delivered in 2027, the report said. If ExxonMobil chooses to take effect the 2 optional vessels, the number of shuttle tankers ordered by the shipowner from Samsung Heavy Industries will increase to 4. Details of the contract, such as the price and specifications of the vessels, will be announced after the order is officially signed, but based on recent market prices, Samsung Heavy Industries is expected to receive an order worth about $400 million (532.8 billion won).
DaLast month, MARAN Tankers, a tanker company of Greece’s Angelicoussis Shipping Group, signed a letter of intent (LOI) for the construction of three 158,000 dwt shuttle tankers with South Korea’s mid-sized shipyard DH Shipbuilding (formerly known as Daehan Shipbuilding), with a total order value of US$390 million and a unit cost of around US$130 million, which is expected to be delivered in 2027.
Clarkson data shows that the current market price for a 158,000 dwt crude oil carrier is $85 million. However, shuttle tankers need to transport crude oil produced by offshore facilities such as floating production storage and offloading (FPSO) to land, and therefore need to be equipped with equipment such as the DP2 dynamic positioning system, which is used to receive GPS signals and maintain position, and the price of the vessel will increase accordingly. In addition, if a dual-fuel propulsion system is used to reduce environmental pollutants, the construction cost will be higher than that of a ship with conventional propulsion equipped with scrubbers.
It is understood that the last time Samsung Heavy Industries received an order for a shuttle tanker dates back to November 2022, when the cost of a single vessel was about $129.38 million. According to Clarkson, there are only five shuttle tankers on order globally, which is a small proportion of the global fleet.