en.Wedoany.com Reported - South Korean shipowner Pan Ocean is accelerating its deployment in the crude oil transportation market through a newbuilding project, continuing its strategic transformation from traditional dry bulk operations into the tanker shipping market.
On May 14, Pan Ocean announced plans to invest KRW 783.4 billion (approximately USD 525 million / approximately RMB 3.58 billion) to build four Very Large Crude Carriers (VLCCs), with a unit price of approximately USD 131 million, scheduled for delivery in 2031. The shipowner is controlled by South Korean private equity giant Hahn & Company.
Pan Ocean has not yet disclosed the shipyard information for the four VLCCs, but according to industry sources, Hanwha Ocean will construct this batch of new vessels.
As an international shipowner with dry bulk shipping as its core business, Pan Ocean is currently accelerating its entry into the crude oil transportation sector through both newbuildings and second-hand vessel acquisitions.
In June 2025, Pan Ocean announced an order with HD Hyundai Heavy Industries for two 300,000 dwt eco-friendly VLCCs at a unit price of USD 127.5 million, initiating this round of VLCC newbuilding plans.
The new vessels from HD Hyundai Heavy Industries are expected to be delivered in the third quarter of 2027, marking the end of Pan Ocean's five-year VLCC order drought. Prior to this, Pan Ocean last ordered VLCCs in 2020, placing an order with the then Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean) for two 300,000 dwt VLCCs at a cost of USD 90 million per vessel.
In March 2026, Pan Ocean turned its attention to Chinese shipyards, ordering one 319,000 dwt ammonia-ready VLCC from CSSC Qingdao Beihai Shipbuilding at a cost of USD 122 million, expected for delivery by the end of 2029. As a long-term partner of Beihai Shipbuilding, Pan Ocean also exercised options this year for two 211,000 dwt bulk carriers at the yard, with a unit price of approximately USD 77 million, scheduled for delivery before the end of March 2031.
The latest disclosed shipbuilding project further underscores Pan Ocean's determination to transform into the tanker shipping market. In addition to ordering new vessels, the shipowner's investment in second-hand VLCCs is also noteworthy.
Earlier this year, Pan Ocean announced an investment of nearly USD 700 million to acquire 10 VLCCs from compatriot shipowner SK Shipping, significantly increasing its business scale in the crude oil tanker market. Given that the transaction includes the transfer of related long-term freight contracts involving several major South Korean shippers, the deal is expected to be completed before April 11, 2027.
According to recently released data from Pan Ocean, the shipowner currently operates over 240 vessels (including chartered-in vessels), of which approximately 200 are bulk carriers, with the remainder being tankers, container ships, heavy-lift vessels, and LNG carriers.
In the first quarter of 2026, Pan Ocean achieved operating revenue of approximately KRW 1.51 trillion and an operating profit of approximately KRW 141 billion; it currently holds orders for 16 new vessels, including 8 tankers and 8 bulk carriers, with delivery dates for this batch of newbuilds ranging from 2026 to 2030.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
