JP Morgan-backed interests are reported to have firmed up a Suezmax shipbuilding project in South Korea, marking a new contract in the highly sought-after crude tanker segment.
Riviera reported last month that the group was in advanced discussions with Samsung Heavy Industries (SHI) for the construction of Suezmax tankers.
The South Korean shipbuilding conglomerate has now disclosed a contract for three crude oil tankers, valued at nearly US$268M, with deliveries scheduled through February 2029. The pricing indicates that these vessels are Suezmax tankers.
SHI also noted that the counterparty is an undisclosed Bermuda-based owner. Shipbrokers have linked the order to JP Morgan interests, specifically referencing Global Meridian Holdings, the Bermuda-based JP Morgan fund managing shipping assets.
This follows a similar disclosure in January, when SHI announced a contract for two LNG carriers associated with JP Morgan interests, also involving a Bermuda-region counterparty.
JP Morgan Asset Management declined to comment when contacted by Riviera.
Riviera has also reported that the construction of the Suezmax vessels will be subcontracted to HSG Sungdong Shipbuilding under SHI’s outsourcing framework for tanker projects.
This marks the second Suezmax shipbuilding project announced by South Korean shipyards in the past four days. Arcadia Shipmanagement, led by Panagiotis and George Angelopoulos, has been linked to an order for two vessels at HD Hyundai, with deliveries also scheduled through 2029.
Data from Xclusiv Shipbrokers shows that, as of late February, 34 Suezmax vessels had been ordered in 2026, pushing the orderbook-to-fleet ratio to 25% on a dwt basis. In comparison, 62 vessels were ordered throughout 2025, with the ratio standing at almost 21% at year-end.
SHI has secured orders for 11 vessels worth around US$2.1Bn so far this year, including the latest contract, representing approximately 15% of its annual target.
Source: rivieramm.com