South Korea’s Pan Ocean is expanding its tanker order volume by ordering Very Large Crude Carriers (VLCCs), aiming to further consolidate its market position in the liquid bulk transportation sector.
According to Pan Ocean’s filing with the stock exchange, the company plans to order two VLCCs, each priced at approximately $127.5 million, with the shipbuilding contract expected to be finalized by the end of June and scheduled for delivery by the end of April 2028. The shipyard information has not yet been disclosed.
The new vessel will adopt an environmentally friendly design and is planned to be equipped with a dual-fuel power system that can use liquefied natural gas (LNG) or ammonia fuel.
It is understood that Pan Ocean’s last order for VLCCs was in 2020, which is five years ago. At that time, Pan Ocean ordered two 300,000 DWT VLCCs from Daewoo Shipbuilding & Marine Engineering (DSME, now Hanwha Marine) at a cost of $90 million each.
Pan Ocean currently has a diversified order portfolio, including six 50,000-dwt MR product tankers built by HD Hyundai’s shipyard and four 64,000 DWT Ultramax bulk carriers built by Japan’s Oshima Shipbuilding.