South Korean carrier Pan Ocean is further strengthening its crude tanker fleet with two more VLCC newbuildings, sustaining a rapid expansion that has transformed its exposure to the crude shipping sector. The latest pair will be ammonia-ready and cost about $122m each, with delivery scheduled by September 2030, according to Splash247.
Newbuilding Orders Accelerate
Pan Ocean, controlled by the Harim Group, has lined up a series of VLCC orders over the past year:
| Order Batch | Number of Vessels | Yard / Source | Cost per Vessel | Delivery Timeline |
|---|---|---|---|---|
| Acquisition from SK Shipping | 10 | SK Shipping (secondhand) | ~$70m (close to $700m total) | Already completed (2025) |
| HD Hyundai Heavy Industries | 2 | HD Hyundai Heavy Industries | ~$127m | Q3 2027 |
| Hanwha Ocean (May 2025 disclosure) | 4 | Hanwha Ocean | ~$131m | H2 2030 |
| Latest pair | 2 | Not disclosed (linked to Qingdao Beihai Shipbuilding) | ~$122m | By September 2030 |
The latest two-ship order follows Pan Ocean's May 2025 disclosure of a KRW783.4bn ($525m) investment in four VLCCs at Hanwha Ocean, valued at about $131m per vessel and scheduled for delivery in the second half of 2030.
Charter and Investment Context
Pan Ocean has already secured employment for the quartet on order at Hanwha. Splash247 reported last week that the company signed a 20-year crude transport contract with SK Energy and SK Incheon Petrochem worth approximately $1.62bn.
The company also entered the VLCC newbuilding market earlier with two 300,000 dwt vessels ordered at HD Hyundai Heavy Industries in 2025 at around $127m each, due for delivery in the third quarter of 2027.
Earlier this year, Pan Ocean agreed to acquire 10 VLCCs from SK Shipping in a deal worth close to $700m, sharply increasing its exposure to the crude tanker sector.
Fleet Profile Transformation
The aggressive ordering spree has quickly reshaped Pan Ocean's fleet profile. The latest pair adds further scale to a tanker expansion that has gathered pace over the past year. The company has also been linked to a VLCC at Qingdao Beihai Shipbuilding, a Chinese yard where it has previously ordered newcastlemax bulk carriers, according to the report.
Implications for Shippers and Operators
Pan Ocean's sustained investment in VLCCs increases available crude carrier capacity, which could influence spot and contract rates on major crude routes. Shippers reliant on Pan Ocean's tanker services may benefit from the fleet expansion and the long-term charter commitments with SK Energy, but newbuilding deliveries stretching into 2030 indicate a long-term play rather than immediate capacity relief. Operators should monitor Pan Ocean's growing market share in the VLCC segment and the potential impact on charter rates in the Atlantic and Pacific basins.
Watch List
- Delivery schedule for the four VLCCs at Hanwha Ocean in H2 2030
- Potential additional orders at Qingdao Beihai Shipbuilding
- Execution of the $1.62bn charter contract with SK Energy and SK Incheon Petrochem
- Secondhand market activity as Pan Ocean continues fleet renewal
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