JP Morgan, the U.S. banking giant, has recently increased its total orders to 12 vessels by purchasing two new VLCC tankers from Hanwha Ocean in South Korea. This contract, valued at 356.8 billion won (equivalent to $267 million), is associated with an anonymous owner registered in Bermuda.
Details of the New Contract
The two new tankers, each priced at approximately $133.5 million, will be built at the Geoje Hanwha shipyard and are expected to be delivered in the second half of 2030. This new investment brings JP Morgan's total commitments for VLCC tanker construction to about $1.55 billion, with the pace of this order program increasing in 2026.
JP Morgan's Order History
In July, the group was linked to two other tankers with a capacity of 320,000 deadweight tons, registered under a contract valued at 394.3 billion won (equivalent to $265 million) with an anonymous owner in North America. These tankers, each priced at approximately $132.5 million, are scheduled for delivery by March 2030. With this contract, JP Morgan has brought its total orders to ten vessels.
Earlier this year, a ship-owning company supported by JP Morgan was also linked to two VLCC tankers with a capacity of 307,000 deadweight tons at the Dalian shipyard in China, with an option to purchase two more. The price for each of these tankers is estimated at around $123 million, with their delivery scheduled for 2029.
Expansion of JP Morgan's Maritime Investments
JP Morgan's investment group is gradually expanding its interests in the shipping sector beyond crude oil tankers. New construction commitments also include LNG ships, VLGCs, and Suezmax tankers. This trend reflects the group's commitment to the shipping market and diversifying its maritime investment portfolio.
For Hanwha Ocean, this new contract brings the total VLCC orders for this yard to 21 vessels for 2026. The South Korean manufacturer has recorded 44 orders valued at approximately $8.11 billion this year, including eight LNG ships, six container ships, three very large ammonia carriers, and three VLGC tankers.
