SHI exports its first ship for the new year

2009.01.05- SHI started the new year by exporting a 4,250 TEU container ship to Danaos Corporation
- Expands annual production target from 53 to 63 ships with the opening of floating dock No. 3

On January 1, Samsung Heavy Industries (SHI) delivered a 4,250-TEU container ship to container transportation firm Danaos Corporation (Greece), its first export for 2009.

The ship, 260 meters in length and 32 meters in width, can carry 4,250 20-foot containers, and can run at a speed of 24.5 knots (the equivalent of approximately 45 kilometers per hour). Construction of the ship began in March, and took nine months in total. The ship has been named Zim Monaco.

The container ship is the 16th ship to be delivered of the 18 container ships Danaos has ordered from SHI. This ongoing construction work has helped SHI to develop its technical expertise, allowing the shipbuilder to maximize productivity and to reduce costs.

Even in the face of declining orders across the industry, SHI managed to win orders for 54 ships worth a total of USD 15.3 billion last year, surpassing its initial target of USD 15 billion. It has now secured an order backlog of approximately USD 50 billion, equivalent to 40 months of work.

A significant development has been SHI’s opening of its third floating dock in January, following the already-operating dry dock No.3 and floating dock No. 2. Aided by this increase in production capacity, SHI plans to hike its annual production to 63 ships in the coming year, up 20% from 53 ships in 2008.

This third floating dock can carry 120,000 tons, enabling the construction of 8 ultra-large container ships weighing 8,000 TEU annually, which are the largest in the world.

Kim Jing-wan, CEO of SHI, noted, "We feel very grateful to have exported our first ship for the year. We will make a dedicated effort in 2009 both to obtain new orders for ships and to build new ships, and through this activity we can contribute to overcoming the nation’s economic crisis.