JPMorgan Adds 2 More VLCC Orders at Hanwha Ocean

en.Wedoany.com Reported - On October 29, Hanwha Ocean signed a construction contract with a Bermuda-based shipowner for 2 Very Large Crude Carriers (VLCCs), with a contract value of KRW 356.8 billion (approximately USD 267 million), or approximately USD 133.5 million per vessel. Hanwha Ocean announced the contract through a regulatory filing on October 30. JPMorgan executives subsequently confirmed that the Bermuda-based shipowner is its shipping investment entity.

The two vessels are 320,000 DWT-class VLCCs to be built at Hanwha Ocean's Geoje Shipyard. The contract window runs from October 29, 2026 to September 30, 2030, with deliveries scheduled in the second half of 2030; payments are made in installments tied to construction milestones, including a down payment and interim payments, rather than a lump sum at delivery. The contract value is equivalent to 2.8% of Hanwha Ocean's 2025 consolidated revenue (KRW 12.78 trillion).

The principal dimensions of this vessel type fall within the same range as VLCCs of the same class. The same-class VLCCs previously delivered by Hanwha Ocean have an overall length of approximately 331 meters and a beam of 60 meters; by comparison, VLCCs of 307,000 to 319,000 DWT built by Chinese shipyards have an overall length of between 332.9 meters and 332.95 meters, a beam of 60 meters, a depth of 30 to 30.6 meters, a design draft of 20.5 meters, and a design speed of 14.5 knots. The specific depth and draft of the two vessels in this Hanwha Ocean order are not separately stated in the announcement, but the 320,000 DWT tonnage specification determines that their principal dimensions essentially coincide with the above range.