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On October 30, Hanwha Ocean disclosed a KRW356.8 billion order for two VLCCs from a Bermuda-region shipowner. Shipbuilding sources tied the buyer to JPMorgan’s maritime investment arm, Splash247 reported, putting the price at $267 million, and Korea’s EBN, citing TradeWinds, reported that JPMorgan had ordered two more VLCCs at Hanwha. It is the latest order tied to a Wall Street asset manager that has been ordering tankers this year alongside Greece’s tanker tycoons, and the question for brokers, owners and lenders is who is committing the most. On our reading of the numbers published so far, the answer is a tycoon. George Procopiou’s Dynacom Tankers ordered 36 tanker newbuildings worth $3.8 billion this year by late May, according to Veson Nautical figures reported by Seatrade and Euro2day, and Seatrade put that at double the value of the next owner’s orders. In June it signed for 12 VLCCs at Hudong-Zhonghua for nearly RMB10 billion, about $1.47 billion by Seatrade’s conversion. Evangelos Marinakis’s Capital group had ordered 11 tankers worth $1.3 billion in the same Veson figures, as reported by Seatrade and Naftemporiki, and at the end of May Clarksons Research ranked Capital Maritime’s orderbook first among Greek owners, ahead of Dynacom’s. J.P. Morgan Asset Management’s own count, given in late May, was more than 30 newbuildings, tankers and gas carriers combined, in about six months, at a cost of more than $3 billion. On the yard filings and the press and broker reports we could match, at least 13 of the orders tied to it this year are crude tankers. On our reading, Procopiou still leads on tankers by a wide margin, and JPMorgan’s tanker orders trail his even though its program, gas carriers included, runs above $3 billion by its own count. This brief sets out the scoreboard, Dynacom’s lead, what JPMorgan has ordered and for whom, how Capital counts, the rest of the field, what the comparison cannot settle and what the record supports.
📋 In This Issue:
🛢️ The Story:
The scoreboard, Dynacom’s lead, what JPMorgan has ordered, whose money it is, how Capital counts, the rest of the field, what the comparison cannot settle and what the record supports
📊 By The Numbers:
Dynacom’s $3.8 billion for 36 tankers, JPMorgan’s more than $3 billion across tankers and gas carriers, Capital’s $1.3 billion for 11 tankers, the 13 crude tankers tied to JPMorgan and Capital Tankers’ $1.3173 billion of VLCC options
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and trader, the lender and investor and the compliance officer
👀 What To Watch:
Capital Tankers’ December 31 deadline, the next JPMorgan filing, the next ranking, Dynacom’s missing prices and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
On our reading, the tycoons still set the pace, and JPMorgan is the buyer that keeps coming back
