[Yonhap/ November 1, 2024] Samsung Heavy Industries Co., the world's third-largest shipbuilder by orders, said Friday it has received an oil carrier order worth 459 billion won (US$259 million) from Africa.

Samsung Heavy has obtained the order to build four Suezmax oil tankers for an unidentified shipper in Africa by December 2027, the company said in a statement.

The shipyard expected demand for very large crude oil carriers will rise to a total of 65 this year and 50 next year, while the demand for midsized Suez oil ships will reach around 60 and 50 during the same period.

"There seems to be some replacement demand for less environment-friendly old oil carriers due to strengthening carbon emissions standards requested by the International Maritime Organization and stricter regulations in Europe," it said.

With the latest order, Samsung Heavy has received $6 billion worth of orders so far this year, which account for 62 percent of its annual order target of $9.7 billion.

The company said it is on track to achieve the annual target as it is in talks to win further deals for LNG ships and environment-friendly container carriers.

It has an order backlog of more than $32 billion, which will keep its Geoje-based shipyard, located about 330 kilometers south of Seoul, busy for the next three years.

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