JP Morgan linked to fresh Samsung suezmax order

Samsung Heavy said this week it had signed a contract with a Bermuda-based shipowner for two crude oil tankers worth KRW284.9bn ($189m).   The 158,000 dwt vessels are scheduled for delivery by May 2029. Shipbuilding sources have identified the buyer as Bermuda-based Global Meridian, which manages JP Morgan’s shipping investments

The latest deal would lift JP Morgan-linked suezmax orders at Samsung to seven ships.

In March and June, Global Meridian Holdings, the Bermuda-based shipowning affiliate of JP Morgan, had been linked to a total of five suezmaxes at Samsung Heavy, worth a combined of roughly $450m. JP Morgan-linked interests have been one of the busiest financial buyers in the newbuilding market this year.      Taken together, entities backed by the Wall Street lender have recently ordered more than 10 vessels at Samsung Heavy Industries alone, spanning crude tankers, LNG carriers and LPG carriers.      The latest tanker order also pushes Samsung Heavy’s order intake past $10bn for the year. The yard said it has now booked 32 commercial ships and two FLNG units in 2026, equal to 72% of its annual target of $13.9bn.