Recently, the South Korean shipowner Pan Ocean announced that, by exercising an option, it has placed an additional order with Qingdao Beihai Shipbuilding for two 211,000 DWT Newcastlemax bulk carriers. Each vessel is priced at approximately US$77 million, with delivery expected by the end of March 2031.
The two new vessels that have now come into effect represent options exercised under a bulk carrier construction contract signed earlier this year between Pan Ocean and Beihai Shipbuilding. With this development, the two parties have finalized orders for a total of four Newcastlemax bulk carriers, valued at approximately $308 million; the first two vessels are scheduled for delivery by the end of October 2030.
Pan Ocean stated that the design of this new batch of vessels will support the use of alternative fuels, such as liquefied natural gas (LNG) or ammonia. This new order represents a continuation of the company’s fleet expansion strategy, aimed at strengthening its market position in the large dry bulk carrier sector.
In addition to its active presence in the newbuilding market, Pan Ocean has made substantial investments in the second-hand vessel market this year. Earlier this year, the South Korean shipowner SK Shipping sold a fleet of 10 Very Large Crude Carriers (VLCCs) to Pan Ocean for nearly US$700 million; the transaction is expected to be finalized by April 11, 2027.
As a diversified shipowner, Pan Ocean currently operates a fleet of over 80 vessels; among these, dry bulk shipping remains its core business, accounting for approximately 60% of its overall operations.
With the addition of its latest orders, Beihai Shipbuilding has secured contracts for over 10 new vessels for delivery in 2026. According to preliminary statistics, this includes nine bulk carriers, two VLCCs, and one oil tanker.
On January 5, Beihai Shipbuilding signed a contract with the Greek shipowner Cape Shipping for one VLCC, with an option for a second vessel becoming effective in February; on the 7th, it signed a contract with the Greek shipowner New Shipping for one Suezmax tanker, marking the shipyard’s full-scale entry into the construction sector for Suezmax-class vessels; on the 9th, it signed a contract with Seacon Shipping Group Holdings Limited for two 210,000 DWT bulk carriers; on the 13th, it signed a contract with COSCO Shipping Bulk for three 210,000 DWT bulk carriers; and also secured an order from Pan Ocean for four 210,000 DWT bulk carriers.
The 210,000 DWT bulk carrier is Beihai Shipbuilding’s flagship vessel type; its order backlog has consistently ranked first globally over the long term, and it holds a commanding lead in market share.
According to its official website, China State Shipbuilding Corporation (CSSC) Qingdao Beihai Shipbuilding was established in 1898. As a directly managed second-tier subsidiary of CSSC, it oversees a portfolio of specialized subsidiaries. With shipbuilding at its core, Beihai Shipbuilding pursues the synergistic development of ship repair, offshore engineering, specialized vessels, and specialized equipment, standing as a major backbone enterprise within the CSSC group dedicated to both shipbuilding and repair.