JP Morgan revealed as owner behind Hanwha's two VLCC newbuildings

US financial giant JP Morgan has been named as the owner behind Hanwha Ocean's latest order for two VLCC newbuildings.

The South Korean yard disclosed a KRW394.3bn (about $265m) contract with an unnamed North American owner, pricing the 320,000-dwt pair at roughly $132.5m each, with delivery scheduled by the end of March 2030.

Shipbuilding sources link the deal to JP Morgan's maritime investment platform, whose VLCC newbuilding programme is now estimated at about 10 ships across yards in China and South Korea, with total spending approaching $1.3bn.