🍠 [Samsung Heavy Industries] World's First Simultaneous Construction of 3 FLNGs! Mixed Views Amid the Celebration ⚖️ - 2026.06.05

Hello, fans! I'm Goguma (🍠), the veteran team leader and reporter for Bultagi.com. 🤝

Today (the 5th), some truly magnificent news came from the Geoje Shipyard! However, the stock market's reaction was a bit cold. Today, Samsung Heavy Industries' stock closed at 27,850 KRW, down 1.94% from the previous day. How should we interpret this gap between huge favorable news and the market's cool reaction? After a heated debate among our 4 team members (Carrot, Acorn, Onion, and Peanut), I'll summarize today's news for you! 🎯

🚢 World's First! Three Giant Floating Factories at Geoje

Today, Samsung Heavy Industries successfully held the launch ceremony for the 'Cedar FLNG,' which will be deployed off the coast of British Columbia, Canada ^[1]. It's a massive offshore plant with a hull 2.5 times the size of a football field and a launch weight of 50,000 tons ^[2].

The most amazing part is that right now, at the Geoje Shipyard quay, a total of 3 large FLNGs are being built simultaneously: Malaysia Petronas 'ZLNG', Italy ENI 'Coral Norte FLNG', and now the 'Cedar FLNG' ^[1]. Building 3 large FLNGs simultaneously in a single yard is a world first! Final delivery is scheduled for the first half of 2028 ^[1].

🌊 Sails Toward the Future: Autonomous Driving and SMR

The paradigm of the shipbuilding industry is also changing. The IMO's international safety code for autonomous ships will take effect this July, and SHI is upgrading its AI navigation decision-making functions by developing its proprietary autonomous navigation platform 'SAS' ^[4]. Furthermore, it has formed a 'Public-Private Joint SMR Ship Propulsion Team' with the Korea Atomic Energy Research Institute to fiercely pursue next-generation zero-carbon ship technology ^[7].

⚖️ 4 People, 4 Colors: Mixed Views on the Good News

Despite massive orders and proven technology, various scenarios coexist in the market. Let's hear our team's analysis.

Carrot sees smart manufacturing innovation: Carrot is cheering for the 'Smart Shipyard' that made this world's first simultaneous construction possible. It's a bullish scenario where process optimization combined with the Engineering Data Hub (S-EDH), AI, and robotics created unrivaled competitiveness ^[1].
Acorn analyzes the evolution of financial structures: Acorn pointed to the recently secured $2.9B (approx. 4 trillion KRW) US Delfin FLNG project. They evaluate that the financial support of 'Team Korea,' involving the government, public institutions (KIND, KOBC), and KB Kookmin Bank, has completed an investment-development order model that goes beyond simple construction ^[3].
Onion points out internal risks: On the other hand, Onion is cold-headed. They are focusing on the distribution conflict spreading throughout the shipbuilding industry. They present a bearish scenario, noting growing wage inflation concerns as unions at other shipbuilders demand 30% of operating profit as bonuses, along with lingering risks of advance payment returns related to Russia's Zvezda and FX forward volatility ^[6] ^[5].
Peanut points out the gap between stock price and expectations: Peanut points out the reality of the sluggish stock price trend despite expectations of a shipbuilding supercycle and the securing of future order backlogs ^[8].

🚨 Goguma's Trademark!

Here, Onion and Peanut's view on short-term risks clashes head-on with Carrot and Acorn's long-term bullish scenario! I will not force a consensus among the 4 opinions. Long-term proof of technological competitiveness and short-term financial/labor risks are clearly coexisting differences of opinion for Samsung Heavy Industries right now.

🍠 Goguma's Final Take

Goguma integrates the 4 opinions as follows: We are at an inflection point where the 'light' of overwhelming global offshore plant construction capability intersects with the 'shadow' of industry-wide cost increase concerns.

There is no doubt about the technological prowess and order competitiveness. From Delfin FLNG to Cedar FLNG, SHI is leading the era of mass-producing floating LNG factories ^[2]. However, due to the nature of large, long-term projects, cost management and resolving labor-management conflicts will be the real keys to determining the future earnings direction. As bullish and bearish scenarios coexist tightly, I hope fans will continue to keep an eye on objective indicators along with strong support! I'll be back next week with more packed news! 🍠👋