JP Morgan’s $3bn VLGC spree: six ships locked in for 2030 delivery

JP Morgan has expanded its fleet of very large gas carriers (VLGCs) with two additional newbuildings at Samsung Heavy Industries, increasing its total orders at the South Korean shipyard to six vessels. The latest contracts, confirmed by shipbuilding sources, are for 88,000 cubic meter carriers under the bank’s Bermuda-based maritime investment platform, Global Meridian Holdings. Both ships are scheduled for delivery in 2030 from Samsung’s Geoje yard.

The new agreements follow a series of earlier contracts placed by Global Meridian Holdings this year. In April, the platform ordered two VLGCs at Samsung, followed by another two in late May, all with 2029 delivery dates. Those initial orders also included two 158,000 deadweight tonne suezmax tankers and one LNG carrier. With the latest additions, JP Morgan’s VLGC programme at Samsung now totals six ships.

Expansion builds on earlier orders: JP Morgan

The bank’s maritime investment arm has been actively expanding its fleet across multiple vessel types. According to shipbuilding databases, Global Meridian Holdings has placed orders for VLCCs, suezmaxes, and VLGCs at yards in both South Korea and China. Another JP Morgan-linked entity, Oceonix, has focused on increasing its exposure to LNG carriers.

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JP Morgan’s transportation investment business has committed substantial capital to its newbuilding programme. Andrian Dacy, who leads the division, stated earlier this year that the group had arranged more than 30 tanker and gas carrier newbuildings within approximately six months. The total capital expenditure for these orders exceeds $3 billion, with Samsung Heavy Industries playing a central role in the expansion strategy.

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