J.Ocean secures LOIs for 6 tankers, bringing 2026 order tally to 10

J.Ocean Heavy Industries, which is in the process of acquiring the Gunsan shipyard, has secured orders for six new tankers. The company announced Monday that it signed letters of intent with an Oceanian shipowner to build two 157,000-ton crude oil carriers and four 114,000-ton crude oil and petrochemical product carriers.

J.Ocean had already signed an LOI for four 114,000-ton carriers in June, and the six additional vessels in the second half of the year bring its total planned orderbook to 10 ships. The company locked in the orders proactively — before completing the acquisition process it began after signing an asset transfer agreement with HD Hyundai Heavy Industries in June.

J.Ocean attributed the orders largely to the Gunsan shipyard's ability to offer fast delivery schedules, in addition to its capacity to build very large vessels. The company said shipping firms place high priority on receiving vessels quickly and putting them into service, and that its competitive delivery timelines — backed by available production capacity and process management — were the decisive factor.

Positive assessments of the Gunsan shipyard's infrastructure and competitiveness have been spreading since March, when J.Ocean's parent company, Ecoprime Marine Pacific, and HD Hyundai Heavy Industries signed a memorandum of agreement on the asset transfer. Because the shipyard currently has no backlog of completed vessels, shipowners can receive their ships on their preferred schedule.

Both vessel types covered by the new LOIs are based on next-generation hull designs developed in-house by HJ Shipbuilding & Construction. The 114,000-ton crude oil and petrochemical product carrier is particularly notable: it meets the International Maritime Organization's environmental regulation guidelines while also being designed to selectively transport either crude oil or petroleum products, allowing shipping companies to maximize efficiency and profitability according to market demand.

Beyond the shipyard's normalization, inquiries for additional orders from overseas shipowners continue to come in, raising expectations in the local community for broader economic revitalization.

"We have been buoyed by the support of citizens in Gunsan and across North Jeolla Province who have long awaited the shipyard's revival, as well as the backing of our major shareholders," a J.Ocean Heavy Industries official said. "There is still much to be done — issuing refund guarantees, overhauling the yards and facilities, and expanding the workforce — but we will spare no effort to make the Gunsan shipyard a catalyst for revitalizing the local economy."