Samsung Heavy Industries Co. announced that its net losses in the first quarter increased to 227 billion won from a loss of 102.6 billion last year due to evaluation losses.
The won's weakness against the U.S. dollar triggered the evaluation losses from its forward exchange contracts for the reselling of five drillships.
Operating losses also increased to 47.8 billion won from a loss of 33.3 billion the year before, up 14.5 billion won from last year but down 78 percent from the preceding quarter.
The operating losses were due to ships the company built for low-price contracts, the temporary closure of Samsung Heavy Industries China was due to COVID-19, and an increase in fixed costs due to a lesser number of offshore plants projects.
However, sales jumped 25.3 percent on-year to reach 1.82 trillion won.
Early this month, Samsung Heavy was awarded a 253.6 billion-won deal from a Bermudan shipper to build two huge crude oil carriers.
The deal pushed Samsung Heavy's orders by $5 billion for five vessels, which is 5.9 percent of its annual target of $8.4 billion.


Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 



