JP Morgan has been identified as the owner behind Hanwha Ocean’s latest order for two very large crude carrier (VLCC) newbuildings, according to shipbuilding sources cited by Splash247. The order adds to the bank’s growing tanker programme, which now totals an estimated 10 VLCCs on order across yards in South Korea and China, with combined spending approaching $1.3bn.
Order Details
Hanwha Ocean disclosed a KRW394.3bn ($265m) contract with an unnamed North American owner, pricing the two 320,000 dwt VLCCs at about $132.5m each. Delivery is scheduled by the end of March 2030, as reported by Splash247. Shipbuilding sources have linked the deal to JP Morgan’s maritime investment platform.
JP Morgan’s VLCC Programme
The latest order extends JP Morgan’s VLCC newbuilding programme, which had already been revealed in April 2026. In that earlier deal, a JP Morgan-backed outfit booked two firm 307,000 dwt VLCCs at China’s Dalian Shipbuilding Industry Co, with options for another two, according to Splash247. Those vessels were priced at around $123m each and are lined up for delivery in 2029.
Beyond VLCCs, entities backed by the Wall Street lender have been building exposure to other shipping segments, with orders linked to JP Morgan interests covering LNG carriers, VLGCs (very large gas carriers), and suezmax tankers.
Hanwha Ocean’s 2026 Orderbook
Hanwha Ocean has now secured orders for 27 vessels worth $4.61bn this year, including 17 VLCCs, six LNG carriers, three very large ammonia carriers, and one wind turbine installation vessel, as per Splash247. The South Korean yard’s strong orderbook underscores its leading position in the tanker and gas carrier segments.
Comparative Table of JP Morgan-Linked VLCC Orders
| Yard | Vessel Type | DWT | Quantity | Price per Vessel | Delivery |
|---|---|---|---|---|---|
| Dalian Shipbuilding Industry Co (China) | VLCC | 307,000 | 2 firm + 2 options | ~$123m | 2029 |
| Hanwha Ocean (South Korea) | VLCC | 320,000 | 2 | ~$132.5m | March 2030 |
Implications for the Tanker Market
For logistics managers, freight forwarders, and ocean carriers, these orders signal continued investment in large crude carrier capacity, with 10 VLCCs scheduled for delivery between 2029 and 2030. While no immediate impact on tanker rates or capacity is reported, the addition of these vessels will gradually expand the VLCC fleet, potentially influencing long-term supply dynamics. Port authorities and terminal operators may note the scheduled deliveries as they plan for future crude oil throughput. The orders also highlight the role of financial institutions like JP Morgan in shaping fleet renewal and expansion, a trend that shippers and operators should monitor for its effects on charter rates and vessel availability.
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