Daehan Shipbuilding won an additional order for one Suezmax crude oil carrier. The total number of Suezmax crude oil carriers ordered this year is nine, filling 82% of the annual order target before the first quarter is even over.

On the 17th, Daehan Shipbuilding said it signed a contract the previous day with a shipping company in the Oceania region to build a Suezmax crude oil carrier worth about 130 billion won. After winning orders for eight ships in January–February, it secured an additional contract in March.

Suezmax refers to the largest size of oil tanker that can pass through the Suez Canal when fully loaded with crude oil and other cargo.

This contract was signed at the highest price level so far this year. As oil transport routes have been diverted amid heightened tensions in the Middle East surrounding Iran, transport distances have increased, boosting demand for Suezmax tankers suited for long-haul voyages.

The shipping company that placed this order has maintained a transaction with Daehan Shipbuilding since 2023. The vessel is scheduled to be delivered by Oct. 2029.

A Daehan Shipbuilding official said, “The fact that existing customers return every year is proof that the market recognizes Daehan Shipbuilding’s construction capabilities and premium value,” adding, “With recent logistics changes originating in the Middle East, demand for high-efficiency Suezmax vessels is expected to increase, making it likely we will achieve this year’s order target early.”
Source: The ChosunBiz