en.Wedoany.com Reported - Gunsan Shipyard has secured its first new shipbuilding commitment before a potential new owner has completed the acquisition of the facility, which is expected to alleviate capacity constraints at major South Korean shipbuilders due to their full order books. The shipyard has been idle for nearly nine years, having not delivered a complete vessel since 2017.

J Ocean Heavy Industries has signed a letter of intent with an Oceania-based shipowner for the construction of four Aframax tankers. If the agreement is converted into a formal contract, Gunsan Shipyard will resume full shipbuilding operations after nearly nine years. The shipyard was built by Hyundai Heavy Industries during the previous shipbuilding supercycle, originally intended to build the world's largest commercial vessels. Since delivering its last ship in 2017, it has operated only on a limited basis as a block fabrication yard.

J Ocean Heavy Industries was established by Eco Prime Marine Pacific, the largest shareholder of HJ Shipbuilding & Construction, and recently signed an agreement to acquire the assets of Gunsan Shipyard from HD Hyundai Heavy Industries. The transaction is expected to be completed by the end of the year, after which full-scale production preparations will begin. Gunsan Shipyard's biggest competitive advantage is its ability to offer much earlier delivery slots compared to many established South Korean shipyards, whose order books are already filled well into the next decade.