South Korea's Pan Ocean has placed its latest pair of VLCC newbuildings at CSSC-controlled Qingdao Beihai Shipbuilding, according to a report by Splash247. The Harim-controlled owner had been linked to the order in late June, and the Chinese yard has now confirmed the contracts alongside China Shipbuilding Trading for two 319,000 dwt very large crude carriers.
Ship Specifications and Design
The 339.5-metre vessels will comply with Tier III and EEDI Phase III requirements, according to Splash247. They have been designed to allow the later installation of two 6,000 cubic metre ammonia fuel tanks, making them ammonia-ready. Market sources put the price at around $122m per ship, a figure reported by Splash247 at the end of June.
Pan Ocean's Orderbook at Qingdao Beihai
The pair follows a single same-design VLCC booked by Pan Ocean at Qingdao Beihai in March, taking the owner's VLCC orderbook at the yard to three ships. The Korean owner now has at least seven ships contracted at Qingdao Beihai, including four 210,000 dwt newcastlemax bulk carriers. Additionally, Pan Ocean has a VLCC newbuilding series booked at compatriot yard Hanwha Ocean, as reported by Splash247.
| Ship Type | DWT | Quantity | Yard | Delivery (estimated) |
|---|---|---|---|---|
| VLCC | 319,000 | 3 (1+2) | Qingdao Beihai | September 2030 (latest pair) |
| Newcastlemax bulk carrier | 210,000 | 4 | Qingdao Beihai | Not specified |
| VLCC series | Not specified | Not specified | Hanwha Ocean | Not specified |
Implications for Tanker Capacity
Pan Ocean's stock exchange disclosure did not identify the builder, but the Chinese yard confirmed the contracts, according to Splash247. The addition of these VLCCs expands Pan Ocean's owned fleet of crude oil tankers. With delivery set for September 2030, the vessels will enter service over four years from now, contributing to long-term crude oil transportation capacity. The ammonia-ready design aligns with industry trends toward alternative fuels, though no operational impact on current freight rates or port congestion is mentioned in the source.
Watch List
- Progress of construction at Qingdao Beihai Shipbuilding for the three VLCCs and four bulk carriers.
- Any further orders by Pan Ocean or other Korean owners at Chinese yards.
- Developments in ammonia fuel bunkering infrastructure that could affect the vessels' later retrofit.
Sources:
