South Korean shipping firm Pan Ocean is aggressively diversifying its fleet by investing $525m into four new very large crude carriers, marking a significant strategic pivot from its dry bulk heritage.
South Korean shipowner Pan Ocean has stepped up its expansion in the crude tanker market with an order for four very large crude carriers (VLCCs), extending a steady shift beyond its traditional dry bulk roots.. The Harim Group-controlled company disclosed in a stock exchange filing that it plans to invest KRW783.4bn ($525m) in the quartet of supertankers, equivalent to roughly $131m per vessel.. The company did not identify the shipyard behind the deal, but deliveries
are scheduled for the second half of 2030.. The latest order builds on Pan Ocean’s growing tanker ambitions after years of operating primarily as a dry bulk heavyweight.. The owner, which controls a fleet of more than 100 vessels, still generates the majority of its business from dry bulk shipping, with the segment accounting for about 60% of operations.. However, the company has accelerated its move into crude shipping through both newbuilding and secondhand acquisitions..
Earlier this year, Pan Ocean struck a deal worth close to $700m to acquire 10 VLCCs operated by SK Shipping, sharply increasing its exposure to the crude tanker market almost overnight.. The acquisition followed an order placed in mid-2025 for two VLCC newbuildings at HD Hyundai Heavy Industries.. Those vessels were priced at around $127m each and are scheduled for delivery in 2027.. Pan Ocean also entered the VLCC newbuilding segment earlier this year with
a single vessel booked at Qingdao Beihai Shipbuilding, a yard where the company had previously ordered newcastlemax bulk carriers.
Pan Ocean, VLCC, crude tankers, shipping investment, maritime expansion, Harim Group, dry bulk