Samsung Heavy Discloses Three Tanker Deal as Brokers Link Order to JP Morgan Backed Shipping Fund
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Samsung Heavy Industries has disclosed a contract for three crude oil tankers with a total value of nearly US$268 million, with deliveries scheduled through February 2029. While the yard did not name the buyer, pricing and timing indicate the ships are Suezmax tankers, adding to a segment that has seen strong contracting momentum in early 2026.
Bermuda Counterparty Tied by Brokers to JP Morgan Interests
SHI said the counterparty is an undisclosed Bermuda-based owner. Shipbrokers have linked the order to JP Morgan-backed interests, pointing specifically to Global Meridian Holdings, the Bermuda-based vehicle associated with a JP Morgan shipping fund. JP Morgan Asset Management has declined to comment, and the buyer has not been confirmed publicly beyond the Bermuda reference disclosed by the yard.
Outsourcing Framework Points to Sungdong Subcontracting
Market reporting indicates the construction of the Suezmax vessels will be subcontracted to HSG Sungdong Shipbuilding under SHI’s outsourcing framework for tanker projects. This suggests the order is being executed through a production model that leverages additional yard capacity to meet delivery schedules while maintaining SHI’s commercial and project management role.
Suezmax Contracting Pace Tightens the Orderbook
The SHI deal follows another Suezmax project disclosed in South Korea in the past week, underlining the intensity of demand for crude tanker slots. Broker data cited in the report indicates that 34 Suezmax tankers had been ordered in 2026 by late February, lifting the orderbook-to-fleet ratio to about 25 percent on a deadweight basis. That compares with 62 orders across all of 2025 and an orderbook-to-fleet ratio near 21 percent at year end, indicating a faster build-up in forward supply relative to the existing fleet.
What It Means for SHI’s 2026 Order Targets
With this tanker contract included, SHI is reported to have secured 11 vessel orders worth around US$2.1 billion so far this year, representing roughly 15 percent of its annual order intake target. The Suezmax award adds volume and value in a ship type where pricing remains firm, and it reinforces the role of financial investors and fund-backed owners in contracting large tanker tonnage when slots are limited and demand expectations remain supportive.
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This article was contributed by an external writer affiliated with our publication.
