South Korean shipowner Pan Ocean has accelerated its expansion in the crude tanker market with an order for four very large crude carriers (VLCCs). 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. The company's multi-pronged strategy in crude oil transportation demonstrates its growing presence in the global energy shipping market.
The South Korea-based Pan Ocean's move reflects a broader fleet diversification trend extending from Asia to global markets. The company, leveraging its deep experience in dry bulk shipping into the crude tanker market, aims to significantly enhance fleet modernization and capacity with new vessels scheduled for delivery by 2030.
Key Takeaways:
1. Pan Ocean ordered four VLCC supertankers with a $525m investment, scheduled for delivery in 2030.
2. The company acquired 10 VLCCs from SK Shipping earlier this year, sharply expanding its crude tanker fleet overnight.
3. Pan Ocean still generates 60% of operations from dry bulk shipping but is accelerating its shift into crude oil transportation.
4. The company ordered two VLCCs at HD Hyundai Heavy Industries in 2025, scheduled for delivery in 2027.
5. The Harim Group-controlled shipowner continues its fleet diversification strategy with more than 100 vessels.
