US banking giant JP Morgan, through its maritime investment platform Global Meridian Holdings, has confirmed two additional 88,000 m³ Very Large Gas Carrier (VLGC) orders at Samsung Heavy Industries (SHI) in Geoje, South Korea. The new contracts bring the total number of VLGCs slated for delivery from Samsung to six, reinforcing the bank’s aggressive expansion in the gas carrier market.
Background of the programme
Global Meridian first disclosed a pair of VLGCs in April 2026, followed by a further two in May for 2029 delivery, each valued at roughly US$113 million. The latest September orders are scheduled for 2030, extending the delivery window and confirming a sustained commitment to SHI’s shipyard capacity.
Details of the new vessels
The two vessels added in September are identical to the earlier units – 88,000 m³ cargo capacity, twin‑engine propulsion, and compliance with the latest IMO environmental standards. They are expected to be handed over in 2030, aligning with the market’s anticipated surge in demand for clean‑fuel gas transport across Europe and the Mediterranean.
Broader new‑building portfolio
- Two additional VLGCs for 2029 delivery (already ordered).
- Two 158,000 dwt Suezmax crude tankers.
- One LNG carrier (size undisclosed).
- Several VLCCs and additional gas carriers under consideration at shipyards in South Korea and China.
Strategic significance
Andrian Dacy, head of JP Morgan’s transportation investment business, highlighted that the firm has arranged more than 30 tanker and gas carrier newbuildings in the past six months, representing over US$3 billion of capital expenditure. Samsung Heavy Industries remains the central hub of this programme, providing a proven track record in delivering large‑scale gas carriers on time and within budget.
Implications for the Mediterranean and Cyprus
Cyprus, as a leading maritime finance centre, stands to benefit from the increased activity. The new VLGCs will likely call at Cypriot ports for bunkering, crew changes, and maintenance, reinforcing the island’s role as a logistical gateway for gas shipments moving between the Middle East, Europe, and North Africa.
Outlook
With six VLGCs now on order from Samsung, JP Morgan’s Global Meridian is positioned to capture a significant share of the evolving gas transport market. The continued investment underlines confidence in both the shipyard’s capacity and the long‑term demand for large, efficient gas carriers.