South Korean owner Pan Ocean has emerged as the buyer behind a four-vessel VLCC order at compatriot shipbuilder Hanwha Ocean, according to shipping sources reported by Splash247.
The order
Hanwha Ocean disclosed on Friday that it had secured a KRW800.1bn ($524m) contract from an unnamed Asian shipping company for four very large crude carriers. Multiple shipbuilding sources have since identified the owner as Harim Group-controlled Pan Ocean. In May, the listed shipping company separately revealed plans to invest KRW783.4bn ($525m) in four VLCCs, equivalent to about $131m per vessel.
The ships are scheduled for delivery by February 2030.
Pan Ocean's tanker expansion
The latest order marks another step in Pan Ocean’s growing presence in the tanker sector. While the company, with a fleet of more than 100 vessels, remains best known as one of Asia’s largest dry bulk operators, it has been steadily building exposure to crude tanker markets over the past two years.
Dry bulk still accounts for the majority of Pan Ocean’s business, representing around 60% of its operations, but the company has increasingly diversified through tanker acquisitions and newbuilding investments.
Earlier this year, Pan Ocean agreed to acquire 10 VLCCs from SK Shipping in a deal valued at nearly $700m, significantly expanding its crude tanker fleet overnight.
The company had already entered the VLCC newbuilding market through a pair of supertankers ordered at HD Hyundai Heavy Industries in 2025. Those vessels, priced at around $127m each, are due for delivery in 2027.
| Vessel Type | Yard | Number of Vessels | Total Investment | Per-Vessel Price | Delivery Timeline |
|---|---|---|---|---|---|
| VLCC | Hanwha Ocean | 4 | KRW800.1bn ($524m) | ~$131m | By Feb 2030 |
| VLCC | HD Hyundai Heavy Industries | 2 | ~$254m | ~$127m | 2027 |
| VLCC (secondhand) | SK Shipping | 10 | ~$700m | ~$70m each (est.) | 2025 (acquisition) |
Pan Ocean has also turned to Chinese yards to support its fleet growth strategy, booking a VLCC at Qingdao Beihai Shipbuilding, where it has previously placed orders for newcastlemax bulk carriers.
Implications for shippers and operators
For freight forwarders and logistics managers monitoring ocean freight capacity, Pan Ocean's continued investment in crude tankers signals a structural shift: a major dry bulk player is committing significant capital to the tanker segment. This could increase VLCC supply on key crude routes (e.g., Middle East to Asia, Atlantic Basin to Asia) in the late 2020s and early 2030s.
- Rate impact: Additional VLCC supply may put downward pressure on spot tanker rates, particularly as vessels from Hanwha Ocean (2030) and HD Hyundai (2027) enter the market. However, the disposal of existing tonnage and scrapping trends will determine net fleet growth.
- Lane implications: Pan Ocean operates globally; new VLCCs could serve Middle East loading ports (Ras Tanura, Ju'aymah) and discharge in South Korea, China, or other Asian destinations.
- Competitive landscape: Pan Ocean currently controls about 100 vessels; with 10 secondhand VLCCs plus six newbuilds (two HD Hyundai, four Hanwha) plus the Qingdao Beihai order, its tanker exposure is growing rapidly, challenging established tanker operators.
Watch list
- Delivery schedule: Any delays in Hanwha Ocean's VLCC construction timeline (currently by Feb 2030) could shift capacity entry.
- Additional orders: Pan Ocean may place further VLCC orders at Chinese yards if it pursues cost-effective construction.
- Market conditions: Crude oil demand and OPEC+ production decisions will influence VLCC utilisation and rates when these vessels deliver.
- SK Shipping integration: The $700m VLCC acquisition from SK Shipping is expected to close; fleet integration and chartering strategy will be closely watched.
For logistics operators serving oil majors and independent refiners, Pan Ocean's expanding crude tanker fleet represents a new pool of mid- to long-term charter capacity. Shippers should monitor Pan Ocean's commercial approach — whether vessels are deployed on spot, time charter, or contract of affreightment basis — as the newbuilds enter service.
Sources:
