en.Wedoany.com Reported - South Korean shipping company Pan Ocean has recently placed an order for a new Very Large Crude Carrier (VLCC), continuing to expand its crude oil shipping business. According to documents submitted to the stock exchange, the order is valued at approximately $121.8 million, with delivery scheduled for late December 2029. The specific shipyard has not yet been announced.

This newly ordered VLCC has the potential to be retrofitted for ammonia fuel use, supporting Pan Ocean's decarbonization strategy. Its final cost may be adjusted based on changes in the alternative fuel market. Pan Ocean currently operates over 100 vessels, with dry bulk business accounting for about 60%, but the company is steadily increasing its presence in the tanker sector.

Previously, Pan Ocean ordered two VLCCs at Hyundai Heavy Industries in mid-2025, with each vessel priced at around $127 million, expected for delivery in 2027. The company also acquired 10 VLCCs operated by SK Shipping through the secondhand ship market in a transaction worth nearly $700 million, significantly boosting its involvement in oil trading.

Beyond its tanker business, Pan Ocean remains active in the dry bulk sector. Earlier this month, the company further solidified its position in the large bulk carrier market by increasing its Newcastlemax bulk shipping tonnage through an order placed at Qingdao Beihai Shipyard in China.

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