On March 17, DH Shipbuilding, a South Korean mid-sized shipbuilder, announced that it has signed a construction contract with an Oceania-based shipping company for one 157,000 DWT Suezmax tanker. The order is valued at approximately 130 billion KRW (approximately 87.1 million USD), with delivery to the shipowner scheduled for October 2029.
Although DH Shipbuilding did not disclose the shipowner information, it stated that its cooperation with the shipping company began in 2023 and has continued to place new ship orders every year since then.
Suezmax tankers have become DH Shipbuilding’s main order type this year. Including the eight Suezmax tankers signed in January and February, DH Shipbuilding has received orders for nine new vessel this year. Consequently, by the end of the first quarter of 2026, DH Shipbuilding had already achieved 82% of its full-year order target of approximately $1.1 billion.
Previously, orders were placed for a total of eight vessels—two each from Nordic American Tankers, Greece’s Panos Laskaridis, the Swiss shipping company Advantage Tankers, and Greece’s Atlas Maritime. Notably, the orders from Atlas Maritime and Advantage Tankers each included options for two additional vessels of the same type.
DH Shipbuilding stated that, due to the recent escalation of tensions in the Middle East—which has forced vessels to reroute and consequently increased crude oil transport distances—demand for Suezmax tankers, which are well-suited for long-haul voyages, is on the rise. Leveraging the competitive strengths of this vessel type, DH Shipbuilding continues to secure new orders.
An official from DH Shipbuilding stated: “Existing clients continue to place orders year after year, fully demonstrating the company’s shipbuilding capabilities and market recognition… We anticipate that demand for Suezmax tankers will see further growth, influenced by recent changes in the logistics landscape.”