US sanctions on Russian bank VTB and shipowner Sovcomflot following the invasion of Ukraine have put newbuilding contracts worth several billions of dollars at South Korean shipyards at risk.
According to Clarksons’ Shipping Intelligence Network, South Korea’s major three shipbuilders — Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) — are building LNG carriers, tankers and offshore units that are linked to Russian companies.
