US banking giant JP Morgan has placed an order for two additional very large crude carriers (VLCCs) at South Korea’s Hanwha Ocean, taking its reported VLCC newbuilding orderbook to 12 vessels across shipyards in South Korea and China.
The latest contract follows Hanwha Ocean’s disclosure of a KRW356.8 billion ($267 million) shipbuilding agreement with an unnamed Bermuda-based shipowner. Industry sources have linked the deal to JP Morgan’s maritime investment arm.
The two VLCCs, valued at approximately $133.5 million each, will be constructed at Hanwha Ocean’s Geoje shipyard, with deliveries scheduled for the second half of 2030.
The latest order brings JP Morgan’s reported VLCC newbuilding commitments to approximately $1.55 billion, reflecting the continued expansion of its shipping investment portfolio.
JP Morgan accelerates VLCC ordering programme
In July 2026, JP Morgan was linked to another order for two 320,000 dwt VLCCs at Hanwha Ocean under a KRW394.3 billion ($265 million) contract with an unnamed North American shipowner. Those vessels, priced at around $132.5 million each, are scheduled for delivery by March 2030.
Earlier this year, a JP Morgan-backed shipowning entity was also linked to an order for two firm 307,000 dwt VLCCs at China’s Dalian Shipbuilding Industry Co (DSIC), with options for two additional vessels. The ships were priced at approximately $123 million each and are scheduled for delivery in 2029.
Beyond crude tankers, JP Morgan’s maritime investment activities have expanded into other vessel segments, including LNG carriers, very large gas carriers (VLGCs) and Suezmax tankers.
Hanwha Ocean strengthens VLCC orderbook
The latest agreement takes Hanwha Ocean’s VLCC order intake for 2026 to 21 vessels, underlining strong demand for large crude carriers.
The South Korean shipbuilder has secured 44 newbuilding orders worth approximately $8.11 billion so far this year. Its order intake includes eight LNG carriers, six containerships, three very large ammonia carriers and three VLGCs, in addition to the VLCCs.
The latest contract further strengthens Hanwha Ocean’s position in the global tanker and gas carrier construction market.