JP Morgan Adds Two More VLCCs, Raising Its Orderbook to 12 Vessels in China and South Korea
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JP Morgan added two more VLCCs to its orderbook, as confirmed by its head of shipping. With this addition, the US bank raises to 12 the number of VLCC tankers it has on order at shipyards in China and South Korea.
New contract with Hanwha Ocean
The new pair of vessels will be built at Hanwha Ocean's Geoje shipyard, with delivery scheduled for the second half of 2030. The contract, signed with an unidentified Bermuda-based owner linked to JP Morgan's maritime investment platform, was valued at 356.8 billion South Korean won, equivalent to around $267 million according to Splash247 or $268 million according to CNSS, representing between $133.5 million and $134 million per unit.
An accelerating ordering campaign
This deal adds to another contract signed in July with Hanwha Ocean for two 320,000-dwt VLCCs, valued at 394.3 billion won (about $265 million), with deliveries scheduled for March 2030, which had brought JP Morgan's orderbook to ten vessels. Earlier in the year, the group had also been linked to two firm 307,000-dwt VLCCs at Chinese shipyard Dalian Shipbuilding Industry Co, with an option for two more, at a price of around $123 million each and deliveries scheduled for 2029. Altogether, JP Morgan's VLCC commitments would total around $1.55 billion.
Outstanding orders in China
The remaining eight VLCCs on order for JP Morgan are being built entirely at Chinese shipyards: six 319,000-dwt vessels at Jiangsu New Hantong Ship Heavy Industry and four 307,000-dwt units (two firm plus two optional) at Dalian Shipbuilding, all scheduled for delivery in 2029. In total, the group has ordered more than 30 tankers and gas carriers worth over $3 billion, making it one of the most active financial investors in the shipbuilding market.
Record year for Hanwha Ocean
For Hanwha Ocean, the new contract raises its 2026 VLCC orderbook to 21 vessels. The South Korean shipyard has booked 44 orders this year worth around $8.11 billion, which, according to both sources, include eight LNG carriers, six container ships and three VLGCs, to which CNSS adds three very large ammonia carriers and one wind turbine installation vessel.
