J.P. Morgan adds two Samsung Heavy VLGCs to expand gas fleet
The 307.4 billion won deal pushes the Korean shipyard past its annual commercial target and tightens Geoje berth availability for clean fuel carriers through 2030.
HLBy Hyun-jung Lee, Korea correspondent, shipbuilding and defense··Updated October 5, 2026·4 min read
ShareLinkedInXWhatsAppEmailShipyard workers stand on a dock beside a massive commercial vessel under construction. (AI-generated image)
J.P. Morgan Asset Management on Oct. 4 expanded its order backlog at Samsung Heavy Industries by adding two very large gas carriers, lifting its cumulative gas series at the yard to six vessels.
The contract carries a value of 307.4 billion won ($226 million), representing 2.9% of the builder's 2025 revenue. The transaction lifted Samsung Heavy's 2026 commercial vessel intake to $7.5 billion, surpassing its annual merchant target of $5.7 billion by 32%.
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Korea correspondent, shipbuilding and defense — Hyun-jung Lee reports on Korean yards, order books and naval programs, and on the defense export contracts that increasingly sit alongside them.
