J.P. Morgan recently confirmed that it had placed another order for two VLCCs at Hanwha Ocean, scheduled for delivery by the second half of 2030.

Specifically, on October 30 local time, Hanwha Ocean disclosed that it had signed a newbuilding contract worth KRW 356.8 billion (about US$268 million) with an unnamed Bermuda-based shipowner, equivalent to about US$134 million per vessel, with delivery expected by the second half of 2030.

Industry sources linked the transaction to J.P. Morgan’s maritime investment platform, and J.P. Morgan executives subsequently confirmed the deal. Including the latest order, J.P. Morgan’s VLCC orderbook at Chinese and Korean shipyards has increased to 12 vessels.

In particular, J.P. Morgan’s remaining eight VLCC orders are all being built by Chinese shipyards, including six 319,000-dwt VLCCs at Jiangsu New Hantong Ship Heavy Industry and 2+2 307,000-dwt VLCCs at Dalian Shipbuilding. All eight confirmed orders are scheduled for delivery in 2029.

In short, J.P. Morgan is one of the busiest financial investors in the newbuilding market, having cumulatively ordered more than 30 tankers and gas carriers with a total value of more than US$3 billion.

In addition, according to follow-up reporting by ShippingChina, including the latest two VLCC orders, Hanwha Ocean has secured orders for 44 vessels this year worth US$8.11 billion, including 21 VLCCs, 8 large LNG carriers, 6 container ships, 3 very large ammonia carriers (VLACs), 3 VLGCs and 1 wind turbine installation vessel (WTIV).