The first quarter of 2026 has just ended, and some shipyards have already exceeded their annual order targets.
On March 31, DH Shipbuilding, a mid-sized South Korean shipbuilder, announced that on March 30 it had signed a contract with an Oceania-based shipping company to build two Suezmax tankers. The total value of the order is 276 billion won (approximately $180 million), with each vessel priced at $90 million—the highest unit price for Suezmax tankers in the shipyard’s history since its establishment.
DH Shipbuilding did not disclose the shipowner’s identity, stating only that it is a shipping company with which DH Shipbuilding has maintained a long-standing cooperative relationship, and that an order was placed in February of this year. According to the Shanghai Imarine Tech’s order book, the Swiss shipping company Advantage Tankers ordered two Suezmax tankers from DH Shipbuilding in February, with an option for two additional vessels of the same type.
Including the latest order, DH Shipbuilding has secured contracts for 12 Suezmax tankers in 2026, representing all new ship orders signed so far this year. As a result, DH Shipbuilding has exceeded its annual order target of approximately $1.1 billion before the end of the first quarter of 2026.
Since entering the Suezmax tanker construction sector in 2018, DH Shipbuilding has remained committed to optimizing its construction and production systems, strengthening its marketing efforts, and implementing a strategy of “selection and concentration.”
With the early achievement of its annual order target, DH Shipbuilding’s order backlog has increased to 35 vessels, with delivery schedules extending through 2029, further solidifying its operational foundation. DH Shipbuilding believes that this performance will not only help the company alleviate order pressure but also create conditions for it to conduct in-depth research into the development of eco-friendly, high-value-added next-generation vessel types and expand into new markets.
A representative from DH Shipbuilding stated, “With a robust order backlog, the company will be able to focus on improving shipbuilding efficiency and maximizing profitability, thereby strengthening its foundation.”