JP Morgan interests linked to VLGC order, pushing investment toward US$1Bn

Samsung Heavy Industries (SHI) disclosed on 1 April that it had secured a contract to construct two very large gas carriers (VLGCs), with a total value of approximately US$226M. Deliveries are scheduled through May 2029.

SHI stated that the counterparty is an undisclosed Bermuda-based owner. Shipbrokers have linked the order to JP Morgan interests, specifically pointing to Global Meridian Holdings, the Bermuda-based JP Morgan fund managing shipping assets.

JP Morgan Asset Management declined to comment when contacted by Riviera.

The group has been notably active in the newbuilding market this year, frequently awarding contracts to SHI. Riviera previously reported that JP Morgan-linked entities placed orders for three Suezmax tankers, valued at nearly US$268M, as well as two LNG carriers worth around US$504M at the same yard.

In both instances, SHI identified the counterparty as an undisclosed Bermuda-based entity.

With this latest reported contract, JP Morgan’s total shipbuilding investment in 2026 is approaching US$1Bn.

Market sources indicate that the group is active in the LPG carrier segment, currently owning six VLGCs.

This marks SHI’s first VLGC order of the year. The shipbuilding group has secured orders for 16 vessels worth US$3.1Bn so far in 2026, achieving approximately 22% of its annual target of US$13.9Bn. These contracts include LNG carriers, very large ethane carriers, container vessels, and tankers.