On April 1, Samsung Heavy Industries announced that it had signed a contract with a Bermuda-based shipping company to build two Very Large Gas Carriers (VLGCs). The order is valued at 342 billion won (approximately $227 million), with each vessel costing about $113.5 million. Delivery is expected by May 2029.
According to industry sources, the order is related to JPMorgan and marks Samsung Heavy Industries’ first VLGC order this year.
Date from Shanghai Imarine Tech indicates that JPMorgan Chase has already placed orders for multiple new vessels with Samsung Heavy Industries this year. In addition to the two VLGCs mentioned above, these include three crude oil carriers and two LNG carriers, with total investment in shipbuilding exceeding $1 billion.
The new vessels are capable of transporting both liquefied petroleum gas (LPG) and ammonia.
With this latest order, Samsung Heavy Industries has secured orders for 16 new vessels worth $3.1 billion this year, achieving 22% of its annual order target of $13.9 billion.
By vessel type, the fleet includes 6 liquefied natural gas (LNG) carriers, 2 very large ethane carriers (VLECs), 2 very large gas carriers (VLGCs), 2 container ships, and 4 crude oil tankers.
A Samsung Heavy Industries spokesperson stated, “While continuing to secure orders for LNG carriers, the company is expanding its portfolio of eco-friendly VLGCs, such as ethane carriers and gas carriers, to enhance technological synergies across different vessel types.”