On July 15, Hanwha Ocean announced that it had signed a contract with a North American shipowner to build two Very Large Crude Carriers (VLCCs). The total value of the order is 394.3 billion won (approximately $266 million); based on this figure, the cost per vessel is approximately $133 million. The vessels are expected to be delivered to the shipowner by March 2030.
According to market reports, this order is related to JPMorgan Chase of the United States, and the new vessel has a deadweight tonnage of 320,000 metric tons. To date, JPMorgan Chase has ordered 10 VLCCs from shipyards in China and South Korea, with a total construction cost exceeding $1.26 billion.
Including this latest order, Hanwha Ocean has secured a total of 27 new ship orders this year, valued at approximately $4.61 billion. This order value accounts for about 45.9% of the shipbuilder’s full-year 2025 order total of $10.05 billion.
By vessel type, the orders include 17 VLCCs, 6 liquefied natural gas (LNG) carriers, 3 very large ammonia carriers (VLACs), and 1 wind turbine installation vessel.
Hanwha Ocean stated, “As the shipyard has secured a workload for at least the next three years, it will continue to selectively accept orders with a focus on high-value vessel types.”