DHshipbuilding secures two more Suezmax tanker orders for 2030 delivery
South Korea’s DHshipbuilding has secured a contract to build two additional Suezmax crude oil tankers for an Oceania-based shipping company, extending its order backlog into 2030 and bringing its total newbuilding orders for 2026 to 19 vessels.
The agreement, signed on 11 November, covers two 157,000-dwt tankers with a combined contract value of approximately KRW 250 billion. Each vessel is valued at around KRW 124.9 billion, with deliveries scheduled for May and June 2030, respectively.
According to DHshipbuilding, the customer is a New York Stock Exchange-listed shipping company returning to new tanker contracting for the first time in approximately two decades. The shipbuilder did not disclose the identity of the buyer.
The shipping company previously acquired two crude oil tankers under construction at DHshipbuilding through resale transactions in May 2026. Representatives subsequently visited the Haenam shipyard in July to inspect the facilities and assess the shipbuilder’s construction capabilities.
Order backlog extends into 2030
The latest contracts bring DHshipbuilding’s cumulative orders for 2026 to 19 vessels, following a series of Suezmax agreements secured earlier in the year.
The shipbuilder had already exceeded its annual order target during the first quarter, allowing it to continue pursuing contracts selectively as its available construction capacity extends into subsequent years.
Following the latest agreement, DHshipbuilding’s total order backlog stands at 37 vessels with a combined value of approximately KRW 4.66 trillion.
The two additional tankers will be constructed at the company’s Haenam shipyard, which specialises in the construction of medium and large commercial vessels, particularly crude oil tankers.
Jin Ki-bong, Head of Sales at DHshipbuilding, said the agreement supports the company’s medium- and long-term construction schedule while allowing it to maintain its focus on contract profitability.
“Through this contract, we have secured a mid- to long-term shipbuilding workload extending through 2030,” said Jin.
Suezmax orders remain central to shipyard strategy
The new contract follows DHshipbuilding’s announcement of its third-quarter financial results, which showed stronger profitability supported by the construction of higher-priced vessels and improved production efficiency.
For the first nine months of 2026, the company reported revenue of KRW 990.4 billion and operating profit of KRW 260.6 billion, representing an operating margin of 26.3%.
The shipbuilder attributed its financial performance partly to the increasing contribution of vessels contracted at higher prices in 2024 and productivity improvements associated with repeated construction of its principal vessel types.
Its continued focus on Suezmax tankers reflects a strategy of concentrating on established vessel designs while pursuing new contracts that support long-term production planning.
The latest agreement strengthens that order pipeline through 2030, although DHshipbuilding has not disclosed the vessels’ propulsion systems, environmental specifications or other detailed technical arrangements.
