J Ocean Heavy Industries secures tanker orders for Gunsan Shipyard

J Ocean Heavy Industries has secured letters of intent (LOI) for six new tankers from an Oceanian shipowner, bringing its total secured orders for the year to ten vessels. The new orders include two 157,000-ton crude oil carriers and four 114,000-ton crude oil and petrochemical carriers.

These vessels utilize next-generation designs developed by HJ Shipbuilding & Construction. Specifically, the 114,000-ton models are designed to meet International Maritime Organization (IMO) environmental regulations while allowing for the selective transport of both crude oil and petroleum products to maximize efficiency.

The company is currently in the process of acquiring the Gunsan Shipyard from HD Hyundai Heavy Industries. A key competitive advantage cited for these orders is the shipyard’s lack of existing order backlog, which allows for rapid delivery to shipowners. While the acquisition is ongoing, the company aims to revitalize the shipyard and the local economy, though challenges remain regarding facility reorganization, workforce expansion, and the issuance of Refund Guarantees (RG).