Pan Ocean of South Korea orders a new VLCC for $121.8M, enhancing its tanker fleet and aligning with decarbonization goals.
South Korea's Pan Ocean has ordered another very large crude carrier (VLCC), continuing its expansion into the tanker market, reports Singapore's Splash 247.
The Harim Group-controlled owner stated in a stock exchange filing that it will pay approximately US$121.8 million for the vessel, with delivery scheduled for late December 2029. The shipyard has not yet been disclosed.
Pan Ocean mentioned that the newbuild will be capable of conversion to run on ammonia, aligning with its decarbonization plans. The final cost could vary depending on developments in alternative fuels.
The company operates more than 100 ships, with dry bulk accounting for about 60 percent of its business. However, it has been steadily building its tanker presence.
In mid-2025, Pan Ocean ordered two VLCCs at HD Hyundai Heavy Industries for about US$127 million each, with deliveries due in 2027. Earlier this year, it acquired 10 VLCCs from SK Shipping in a deal worth close to US$700 million.
Alongside its tanker expansion, Pan Ocean has also added Newcastlemax bulkers through an order at Qingdao Beihai Shipbuilding, reinforcing its position in the large bulker segment.
