Shipbuilding & offshore · FLNG No.1 (LNG supercycle)
Samsung Heavy Industries
A shipbuilder that leads the world in floating LNG production (5 of 7 FLNG newbuilds) on top of LNG carriers, mega boxships and tankers — a direct beneficiary of the LNG supercycle. 2025 revenue of about KRW 11.35tn (+15.4%) and operating profit of KRW 782.5bn (+64.1%, 6.9% margin) grew profit far faster than revenue, driven by a rising LNG-carrier mix (45% in 2024 to 65% in 2026) and ship prices up ~11% a year lifting the margin. FLNG, at ~$2.3B per unit and a 10-15% margin, embodies the profit quality, and a multi-year backlog gives revenue visibility.
010140.KS Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Samsung Heavy Industries is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue ~KRW 11.35tn
- Segments · Shipbuilding/Offshore (LNG carriers, boxships, tankers, FLNG) · Construction (building, civil, hi-tech)
Revenue from
- Zvezda 조선소 (러시아, 2025 계약 대량 해지) High confidence· contract 4,800,000,000,000원 · 2025 해지 규모 · 10 LNG + 7 shuttle tankers
Contracts with Russia's Zvezda yard were largely terminated in 2025 (sanctions-driven): a March 2025 unilateral cancellation notice caused a KRW 600bn derivative valuation loss; June 2025 saw 10 LNG carriers (KRW 2.8tn) and 7 shuttle tankers (KRW 2.0tn) cancelled. Recorded as a wound-down relationship. - 글로벌 선주 (LNG선·컨테이너선·탱커) High confidence· contract 284,900,000,000원 · 유조선 2척(2026.7 공시) · DART supply-contract filing
Sells directly to shipowners (milestone payments) for LNG carriers, mega boxships and tankers. A July 2026 disclosure: 2 tankers at KRW 284.9bn (a Bermuda-region owner, 2.7% of revenue, delivery 2026-07 to 2029-05). QatarEnergy's 128-carrier LNG program anchors demand; the LNG mix is guided from 45% (2024) to 65% (2026).Confirms KO Mirae Asset Securities Published May 4, 2026: Mirae Asset Securities - Samsung Heavy initiation (LNG mix 45 to 65%) - 카타르에너지·글로벌 선주 (LNG선·FLNG) High confidence· Amount $9.8B · 2025 수주 목표
An LNG carrier and FLNG leader building 174,000cbm ships for QatarEnergy's mega program (128 vessels total); 2025 order target $9.8B; also won a US Navy NGLS concept-design contract.Confirms KO Finance Scope Published Feb 21, 2025: Samsung Heavy: LNG/FLNG drive, $9.8B 2025 order target - 오일메이저 (FLNG·해양생산설비) High confidence· Count 5기 (신조 7기 중) · FLNG 세계 1위 · DS Securities
Sells directly to oil majors (progress payments) for FLNG and offshore plants; world No.1 with 5 of 7 FLNG newbuilds. Backlog holds 2 FLNG units (~$2.3B / KRW 3.2tn each, 10-15% OP margin). A 2026 disclosure: 1 offshore production unit (a North America-region owner, NTP-conditional).Confirms KO FSS DART Published Jun 2, 2026: Samsung Heavy supply contract (1 offshore production unit)Confirms KO DS Investment & Securities Published Apr 20, 2026: DS Investment & Securities - Samsung Heavy 2026 OP KRW 1.3tn (TP 42,000) - 미 해군 (차세대 군수지원함 NGLS 개념설계) Medium confidence
Won a US Navy next-gen logistics ship (NGLS) concept-design contract alongside Hanwha's US defense arm - a beachhead into US naval work beyond MRO.
Pays to
- POSCO (강재·후판) High confidence
Per the annual report, key raw materials are steel plate, piles, sections and propellers; POSCO is named as a principal supplier. Plate prices track iron ore and coking coal. A 5% rise in total contract cost cuts pretax profit by KRW 911bn (disclosed sensitivity). - 한화엔진 (선박용 메인엔진) High confidence
Hanwha Engine is named in the annual report as a principal supplier of marine main engines (propulsion). - 한국카본 (LNG 화물창 보냉재) Medium confidence
Korea Carbon is named in the annual report as a principal supplier of LNG cargo-tank insulation.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Samsung Heavy Industries | node | -11.6 | +11.8 | +26.3 | +78 | +126.4 | -24.1 |
| POSCO Holdings | benef1 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| Hanwha Engine | benef1 | +19.6 | +12.6 | +13.9 | +165.1 | +138.6 | -14.3 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
YTD as of 2026-07-10 · source: Yahoo Finance
Samsung Heavy's thesis is 'LNG supercycle + FLNG margin premium + multi-year backlog.' QatarEnergy's 128-carrier LNG program anchors demand, and a build mix tilting to LNG carriers with prices rising every year produced +64% operating profit — FLNG leadership (5 of 7, ~$2.3B per unit, 10-15% margin) embodies the profit quality. In the graph it depends upstream on POSCO (plate), Hanwha Engine (propulsion) and Korea Carbon (cargo-tank insulation), and is sensitive to plate prices (a 5% rise in total contract cost cuts pretax profit by KRW 911bn). The US Navy NGLS concept design is an option to expand beyond commercial shipbuilding into US naval work. The risk is geopolitics — e.g., the large Russia Zvezda cancellations (~KRW 4.8tn) — and the -24% 2026 correction is a give-back after the +126% 2025 run outpaced fundamentals.
Analysis generated from returns as of 2026-07-10