South Korean shipowner Pan Ocean recently announced that it has signed a three-year charter agreement with global commodities trader Trafigura for a Very Large Crude Carrier (VLCC); the specific name of the vessel was not disclosed.
Under the agreement, the vessel is scheduled to commence operations on December 1, 2026, for an initial 36-month term running through December 1, 2029, with an option to extend the charter by up to 39 months. The vessel will be deployed in the Middle East and Asia regions.
This chartering deal comes as Pan Ocean rapidly expands its VLCC operations.
Earlier this year, Pan Ocean agreed to acquire 10 VLCCs from fellow shipowner SK Shipping for nearly $700 million, significantly boosting its presence in the crude oil tanker market. The transaction is expected to close by April 11, 2027.
In the VLCC newbuilding sector, Pan Ocean has placed orders this year with CSSC Beihai Shipbuilding (3 vessels) and South Korea’s Hanwha Ocean (4 vessels); the three vessels from Beihai Shipbuilding are scheduled for delivery by September 2030, while the four from Hanwha Ocean are slated for delivery by February 2030.
In addition to short-term charters, Pan Ocean has secured 20-year charter contracts for the four new VLCCs ordered from Hanwha Ocean with SK Energy and SK Incheon Petrochem—subsidiaries of the South Korean conglomerate SK Group—with a total contract value of approximately US$1.62 billion.