JP Morgan interests said to have swooped for Suezmax newbuilding slots in South Korea

Shipbroking and market sources link the group to discussions with Samsung Heavy Industries (SHI) over a Suezmax project, with deliveries stretching from late 2028 into early 2029.

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

Sources further indicate that construction would be subcontracted to HSG Sungdong Shipbuilding, under SHI’s outsourcing framework for tanker projects. According to disclosures made late last year, Sungdong is currently building four crude oil tankers on behalf of SHI.

South Korean media report that as SHI’s orderbook has expanded, the shipbuilder has increasingly relied on external yards. At the end of 2024, SHI commissioned its first tanker at PaxOcean Zhoushan in China.

If confirmed, the deal would represent the second order by JP Morgan-linked interests at SHI this year. The group was previously tied to a US$504M contract announced last month for the construction of two LNG carriers scheduled for delivery in Q1 2029.

Global Meridian Holdings – a Bermuda-based JP Morgan fund shipping-asset-owning company – has reportedly placed previous LNG carrier orders at SHI. According to Equasis data, the company currently has four vessels under construction, all due for delivery this year.

Rush for Suezmax slots

European shipbrokers report that several Suezmax newbuilding contracts have recently been concluded in South Korea, with SHI and HD Hyundai among the primary beneficiaries.

According to Xclusiv Shipbrokers, 26 Suezmaxes have been ordered so far in 2026, compared with just three during the same period last year.

Chinese yard Hengli Heavy Industries has secured the majority of the recent contracts, with Dynacom Tankers and Minerva Marine among the owners linked to new deals there.

Despite the surge in contracting activity, analysts are not yet signalling concerns over a supply glut, pointing instead to the ageing profile of the global fleet. As of February 2026, approximately 19% of the Suezmax fleet was 21 years old or older, according to Xclusiv Shipbrokers.