🥕 Samsung Heavy Industries: Between a Technology Transfer Proposal and a Resilient Market Share - 2026.11.04

Hi, it’s Carrot 🥕 Today, let’s start by looking at how the whole picture is moving rather than just the stock price. The biggest thing that stands out is the LNG carrier technology story.

🎯 LNG Carrier Technology Transfer Proposal: Still Unresolved

The companies identified as having received a proposal from Japan to transfer LNG carrier construction technology are HD Korea Shipbuilding & Offshore Engineering and Samsung Heavy Industries. Both companies issued official statements saying, “Nothing has been decided” ^[1]. Since this is the final installment in the series, there’s a lot of background, but the only thing certain right now is that nothing has been finalized. An undecided situation is perfect for getting ahead of ourselves, so it makes me want to watch it all the more carefully.

📊 Orders Shrunk, but Market Share Held Steady

We also need to look at the industry numbers. Global ship orders in October fell 56% year over year, while Korea ranked second behind China, with 930,000 CGT in orders and a 22% market share ^[2]. The report also notes that Korea ranked first in tonnage per vessel ^[2]. Digital Daily likewise summed it up by saying Korea held its own with a 22% share as orders plunged 56% in a month ^[3]. Wow, the overall pie got smaller, but the fact that market share held steady definitely catches the eye. But we still don’t know whether this is just a one-month blip or whether it will carry through cumulatively. There’s also data showing that global orders accumulated from January to October rose 61%, so monthly figures and cumulative totals need to be viewed separately ^[2].

📉 Looking at Brokerage Views Alongside the Chart

One outlet reported that the three shipbuilders’ earnings improved, but their share prices fell over the same period, and that the growth outlook for next year is dim ^[4]. This is the brokerage community’s view as relayed in the report, so it shouldn’t be read as something the companies have confirmed. On the chart, the stock fell 5.01% on October 29, then jumped 7.85% on November 2. The November 4 closing price was ₩17,440, and the change was +0.93%. The October 29 low of ₩15,570 looks like a recent floor, so the story changes completely depending on whether it breaks below that level or holds above it. The numbers keep piling up, but they don’t tell us which way things are headed, which is frustrating 😅

💡 Here’s What Remains to Be Seen

At this point, Carrot thinks it’s better to watch than jump to conclusions until both the technology transfer decision and the durability of the order trend become clear. The same rules still apply: no all-in buying, no all-out selling, and act only if support breaks. There’s one question: Can the 22% market share continue alongside the cumulative order trend? Until we get an answer, I’ll be keeping a close eye on this situation ✨

📰 Reference News (4)

1

[LNG Japan Technology Transfer—Part 4, Final] HD Korea Shipbuilding & Offshore Engineering and Samsung Heavy Industries: “Nothing Has Been Decided,” But…

네이버뉴스 · 2026.11.04

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2

Global Ship Orders Fell 56% in October... Korea’s Market Share at 22%

네이버뉴스 · 2026.11.04

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3

Global Ship Orders Plunge 56% in a Month... Korea Holds Its Own with a 22% Share - Digital Daily

디지털데일리 · 2026.11.04

📰 View original

4

Three Shipbuilders’ Earnings Improve, but Share Prices Retreat... Next Year’s Growth Outlook Is “Dim”

네이버뉴스 · 2026.11.04

📰 View original