Earlier this month, Norwegian shipowner and operator Nordic American Tankers (NAT) announced that it had placed a letter of intent for two Suezmax tankers with contract signed with a South Korean shipyard, but did not disclose the specific shipyard.
According to TradeWinds, the shipbuilding letter of intent was awarded to South Korea’s mid-sized shipyard DH Shipbuilding, not Samsung Heavy Industries as previously speculated by the South Korean shipbuilding industry.
Based on information disclosed by the shipowner, the new vessels are expected to be delivered in the second half of 2028. The final shipbuilding contract is anticipated to be finalized in early 2026, with each vessel costing approximately $86 million.
Since 2025, the tanker market has seen a surge in order bookings driven by growing crude oil exports and demand for fleet renewal. Meanwhile, the aging of the tanker fleet is accelerating.
Data from Singapore-based ship data provider AXSMarine shows that the average age of oil tankers has increased from 10 years in early 2018 to 14 years by 2025. The number of tankers over 21 years old has surged from fewer than 400 vessels in 2018 to over 1,440 by mid-2025, marking a more than threefold increase.
Since September, DH Shipbuilding has made significant progress in the Suezmax tanker market, signing contracts for a total of 7+4 vessels, excluding the aforementioned intended order, all to be delivered from 2027 onwards. The shipowners include Greek Golden Energy (1 vessel), Belgian EXMAR (4+4 vessels), and Advantage Tankers (2 vessels), all with a deadweight tonnage of 157,000 tons.
Additionally, DH Shipbuilding has secured orders for two 8,800 TEU container ships from Doun Kisen, with deliveries scheduled to commence in March 2028. Since entering the container ship market in 2022, DH Shipbuilding has successfully delivered two 1,000 TEU feeder container ships and four 8,000 TEU medium-sized container ships.
According to records, DH Shipbuilding officially listed on the Korea Exchange on August 1. The company primarily constructs medium-sized vessels such as Capesize bulk carriers, Newcastlemax bulk carriers, Aframax tankers and product tankers.