Samsung snaps up big orders

The company said it won orders for 10 units of 8,000 TEU container vessels from Evergreen of Taiwan for $103 million per unit and nine oil tankers for $670 million from a Southeast Asian shipping company.

As a result, Samsung has secured orders for a total of 51 vessels worth $5 billion this year, or 63% of its new order target of $8 billion for 2010. The shipbuilding industry is interpreting the orders as a sign of recovery in the container vessel market after those of bulk carriers and oil tankers.

The price of an 8,000 TEU-class container vessel was $86 million earlier this year according to shipping services group Clarksons. With Evergreen’s order for $103 million per unit, the price is increasing.