JP Morgan, the US banking giant, is reportedly set to invest half a billion dollars in crude oil transport through a new order placed with the Chinese shipyard Dalian Shipbuilding Industry Co (DSIC), according to Splash247, citing brokerage sources
The deal involves the construction of two 307,000-tonne VLCCs, with an option for a further two vessels, at a unit cost of approximately $123 million, with delivery scheduled for 2029.
If confirmed, the deal would mark the group’s direct entry into the VLCC segment, consolidating a diversification strategy that already spans LNG carriers, VLGCs and Suezmax vessels. In 2026 alone, JP Morgan’s financial commitments for new construction projects are expected to exceed the $1.2 billion mark, following recent orders placed in South Korea with Samsung Heavy Industries.
JP Morgan’s move comes amid a major boom in the sector. In the first half of the year, orders for new VLCCs shattered records set over the last twenty years, with around 125 being placed between late 2025 and early 2026.
Translation by Giles Foster
