J Ocean Heavy Industries, which is pursuing the acquisition of Gunsan Shipyard in South Korea, announced on 21 Sep 2026 that it has signed letters of intent (LOI) with an Oceania-based shipowner for two 157,000-ton crude oil carriers and four 114,000-ton crude oil and petrochemical product carriers. The agreement brings the company's planned construction backlog from four vessels to a total of 10, following an earlier LOI signed in June for four 114,000-ton crude oil and petrochemical product carriers. J Ocean Heavy Industries has entered into an asset transfer agreement with HD Hyundai Heavy Industries for Gunsan Shipyard and is proceeding with follow-up procedures, securing order volume ahead of completing the acquisition. The company said active support from Chairman Cha Jung-hoon has driven normalization efforts and generated additional inquiries from overseas shipowners, with the absence of an existing backlog for completed vessels allowing delivery timed to shipowners' preferences, a key competitive advantage. Both vessel designs covered by the LOI are next-generation models developed by HJ Heavy Industries, which will become an affiliate. The 114,000-ton carriers are designed to meet International Maritime Organization environmental regulations while enabling segregated transport of crude oil and petroleum products. Gunsan Shipyard, previously operated by Hyundai Heavy Industries, ceased operations in 2017 after dealing a blow to the regional economy, with multiple prior sale attempts failing until the 2026 asset transfer agreement. J Ocean Heavy Industries plans to pursue refund guarantee issuance, facility refurbishment, and workforce expansion, though actual construction can only begin once the acquisition process is completed.