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 4 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 | -27.3 |
| POSCO Holdings | benef1 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -1.4 |
| Hanwha Engine | benef1 | +19.6 | +12.6 | +13.9 | +165.1 | +138.6 | -16.2 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -17.8 |
YTD as of 2026-09-04 · source: Yahoo Finance
Samsung Heavy Industries operates across Shipbuilding & offshore, FLNG No.1 (LNG supercycle). After +126.4% in 2025, it gave back -27.3% in 2026. The supply side (avg -1.4%) leads the stock (-27.3%), with spending rippling down to suppliers first. FLNG, at ~$2.3B per unit and a 10-15% margin, embodies the profit quality, and a multi-year backlog gives revenue visibility.
Analysis generated from returns as of 2026-09-04