Samsung Heavy Industries

Gastech 2026 announced partnerships and investment plans during its first three days worth a combined $40 billion, covering agreements ranging from memoranda of understanding to purchase contracts and investment plans across the energy value chain. China Gas Holdings and Venture Global LNG agreed to buy 0.5 million tonnes per year of LNG from the United States over 20 years, starting in 2030. Samsung Heavy Industries closed a deal to build LNG carriers and crude oil tankers worth $1.2 billion, while the state of Sarawak concluded talks with Indorama Ventures and partners from Japan on downstream natural gas and petrochemical investment worth about $1 billion in Bintulu. In addition, PETRONAS, PTTEP JDA and the Thailand-Malaysia Joint Authority signed a 35-year production sharing contract and a natural gas sales agreement in the Thailand-Malaysia Joint Development Area. GE Vernova and B.Grimm Power signed an agreement to supply gas turbine technology and long-term services in Thailand and Malaysia. Eni signed a memorandum of understanding with the government of Senegal to assess the oil potential of five offshore exploration blocks, and Horacio Marín, chairman and chief executive of YPF, announced plans to sign two to three LNG sales contracts for the Argentina LNG export project. Supawan Teerarat, director of the Thailand Convention and Exhibition Bureau, or TCEB, said the event drew more than 50,000 participants from over 150 countries and is expected to generate about 14.62 billion baht in economic value.

Tsakos Energy Navigation Ltd. has taken delivery of the DP2 suezmax shuttle tanker Anfield DP from Samsung Heavy Industries in South Korea, the third of 12 such vessels, which will operate under a 10-year charter to a US oil major with extension options up to its 20th year. This addition deepens the company's presence in Brazil's high-barrier offshore market and contributes to a long-term charter backlog that now supports approximately US$3.50 billion in minimum gross revenues. The delivery modestly strengthens contracted revenue visibility but does not materially change key risks around high leverage and potential weaker future shipping demand. Recent April 2026 extensions of two DP2 shuttle tanker charters, with projected gross revenues above US$200 million, further underline how TEN is layering long-duration contracts with major oil companies.

Tsakos Energy Navigation has taken delivery of the DP2 suezmax shuttle tanker Anfield DP from Samsung Heavy Industries in South Korea, the third in a series of twelve such vessels on order. The ship will begin a ten-year charter to a US oil major, with options extending to its twentieth anniversary. With this addition, TEN operates seven shuttle tankers on long-term contracts and has nine more under construction, contributing to a pro-forma fleet of 82 vessels and a minimum contracted revenue backlog of approximately $3.5 billion. The delivery advances the company's second-phase expansion in the Brazilian offshore market, where it has been active since 2012. The naming ceremony in South Korea was attended by dignitaries from Greece, South Korea, and the USA, with the US Ambassador to Greece, Ms. K. Guilfoyle, serving as the vessel's sponsor.