Samsung set to build largest ever boxships

The South Korean shipbuilder Samsung has exchanged letters of intent (LOI) with Seaspan Shipping of Canada on the construction of eight 9,500 TEU boxships. The contract includes four on option.

The two companies had agreed on the newbuilding project earlier this month and are expected to sign a formal contract by the end of the month. At 9,500 TEU, these newbuildings will be the largest containerships ever to be built in the world in terms of carrying capacity and, when delivered in 2006, will be chartered for 12 years by China Shipping.

In addition to Samsung, Daewoo and Hyundai Heavy Industries are now holding negotiations with owners on the construction of 9,000 TEU class containerships while Daewoo is reported to be currently working on the development of a 15,000 TEU vessel.