What was the value of the cancelled icebreaker orders?

The cancelled icebreaker orders from Zvezda were worth a total of 4.85 trillion won, approximately $3.54 billion.

Why did Samsung Heavy decide to terminate the contract?

Samsung Heavy decided to terminate the contract due to increased uncertainties over contract execution and business as the war between Russia and Ukraine continued.

What legal action did Samsung Heavy take regarding the contract?

Samsung Heavy filed an arbitration request with the Singapore arbitration court to affirm the illegality of the contract termination.

What types of vessels were included in the orders?

The orders included parts and blocks for 10 icebreaker LNG carriers and 7 icebreaker shuttle tankers.

When did Zvezda inform Samsung Heavy about the contract termination?

Zvezda shipyard unilaterally informed Samsung Heavy of the contract termination in June 2024.

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Home > Finance > Samsung Heavy says $3.54 billion icebreaker orders from Russia's Zvezda cancelled

Finance

Samsung Heavy says $3.54 billion icebreaker orders from Russia's Zvezda cancelled

Published by Global Banking & Finance Review®

Posted on June 18, 2025

1 min read

Last updated: January 23, 2026

Samsung Heavy says $3.54 billion icebreaker orders from Russia's Zvezda cancelled - Finance news and analysis from Global Banking & Finance Review

Samsung Heavy says $3.54 billion icebreaker orders from Russia's Zvezda cancelled

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Samsung Heavy Cancels $3.54 Billion Icebreaker Orders from Zvezda

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