High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
South Korean shipbuilder Samsung Heavy Industries says it has been awarded an order to build eight New-Panamax containerships for an undisclosed Asian owner.
The order is valued at about $752 million (820 billion KRW), the shipbuilder said.
The eight vessels will be delivered by May 2021 and will serve on a route between Asia and North America.
The shipowner is said to be Evergreen Marine Corp, according to media reports.
Samsung says the vessels will be 334 meters in length and 48.4 meters in breadth. They will have about 12,000 TEU capacity.
Samsung reports that its order total for 2018 is now more than 1 trillion KRW (USD $910 million), putting it on track to “cruise” past its yearly target of USD $8.2 billion. The company recently also won an order for LNG carriers valued at about 210 billion KRW (USD $191 million).
Samsung credited “outstanding performance” in LNG and offshore engineering, procurement, and construction sectors for its optimism.
“SHI has outstanding track record in LNG carriers, containerships, as well as offshore facilities where SHI dominates the market since 2015. SHI will differentiate from competitors with classs leading risk management and market leadership in North Sea, West Africa, and Australia where new projects are underway,” the company said in a statement.
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