With a surge in orders for Very Large Crude Carriers (VLCCs), Dalian Shipbuilding Industry Corporation (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC), the first shipbuilder in China to build VLCCs, has recently announced multiple new ship orders in this market, totaling 18+2 vessels.
According to TradeWinds, a shipping investment entity under JP Morgan has finalized a project for 2+2 new 307,000 DWT VLCCs, with a total cost of nearly $500 million, or approximately $125 million per vessel. Sources indicate that the VLCCs will be built by DSIC.
If the order is confirmed, it will mark JP Morgan Chase’s first foray into the VLCC market. This shipbuilding project comes at a time of peak VLCC production; data shows that approximately 125 VLCCs were ordered globally between the fourth quarter of 2025 and the first quarter of 2026, exceeding the previous annual record set 20 years ago.
Recently, DSIC has been quite active in the VLCC newbuilding market, having unveiled 18+2 VLCCs in approximately 20 days, collaborating with both domestic and international shipowners. The delivery dates for these VLCCs are between 2028 and 2030.
In addition to the aforementioned 2+2 vessels, it also includes 10 conventional fuel VLCCs ordered by China Merchants Energy Shipping (CMES). These new vessels feature a dual-fuel provision design and are equipped with scrubbers and shaft generators. Mercuria of Switzerland has ordered up to 4 VLCCs, and Advantage Tankers of Switzerland has ordered 2 dual-fuel provision design VLCCs of 307,000 deadweight tons; both new vessels have been added to the owner’s fleet new vessel list.
JP Morgan Chase has been very active in the new shipbuilding market this year. In addition to two VLCCs, the company has also signed multiple shipbuilding contracts with Samsung Heavy Industries, involving seven new ships of three types, including two liquefied natural gas (LNG) carriers, three Suezmax tankers, and two very large liquefied gas carriers (VLGCs), with a total cost of approximately US$1 billion.
With this addition, including the two VLCCs built by Dalian Shipbuilding, JP Morgan Chase has spent approximately $1.5 billion this year to order nine new ships of four types.