Pan Ocean is accelerating the expansion of its oil tanker business by ordering 4 very large crude carriers from Hanwha Ocean. Pan Ocean, considered Asia’s largest bulk carrier, aims to diversify its business portfolio and stabilize its revenue structure through this investment.

According to recent shipping media and shipbuilding industry sources, Hanwha Ocean recently signed a contract to build 4 VLCCs worth 800.1 billion won ($615.46 million) with an Asian shipping company. Industry sources point to Pan Ocean as the actual principal of the contract. This aligns with Pan Ocean’s 783.4 billion won ($602.62 million) oil tanker investment plan announced through a public disclosure in May. The newly ordered vessels are scheduled to be delivered sequentially by February 2030.

Currently, Pan Ocean operates a fleet of more than 100 vessels, with bulk carriers accounting for 60% of the total. To improve a structure heavily reliant on a specific vessel type, the company has steadily increased its share in the crude oil carrier market over the past 2 years. This is interpreted as a strategy to disperse risks according to market conditions and secure new growth engines.

Pan Ocean’s aggressive moves are also prominent in the second-hand ship purchasing market. Earlier this year, the firm agreed to acquire 10 VLCCs from SK Shipping for approximately $700 million, expanding its fleet size in a short period. It appears to be rapidly strengthening its market dominance through a ‘two-track’ strategy of simultaneously pursuing new shipbuilding orders and second-hand ship acquisitions.

Collaborations with other shipbuilders, in addition to Hanwha Ocean, are also actively underway. Pan Ocean has already ordered 2 VLCCs from HD Hyundai Heavy Industries, with delivery targeted for 2027. This reveals an intention to secure high-quality, eco-friendly vessels through cooperation with major domestic shipyards.

The company is also broadening its points of contact with overseas shipyards. By placing an additional order for 1 VLCC with China’s Qingdao Beihai Shipbuilding, where it had previously ordered bulk carriers, it aims to simultaneously reduce construction costs and expand its fleet.

Source:Business Korea