Pan Ocean continues to strengthen its presence in the crude oil transportation sector. It has been revealed that the company is the buyer behind an order for four new very large crude carriers (VLCCs) at South Korean shipbuilder Hanwha Ocean. The contract is valued at more than KRW 800bn ($524m), with delivery of the vessels expected by the end of 2030.
The investment forms part of Pan Ocean’s broader business diversification strategy. Although the company remains one of Asia’s largest dry bulk operators, with the segment accounting for around 60% of its overall operations, it has significantly expanded its tanker business in recent years.
Each of the four new vessels is expected to cost approximately $131 million. Earlier this year, the company announced plans to invest more than KRW 700bn in additional VLCC construction, further underlining its long-term commitment to strengthening its position in the crude tanker market.
Pan Ocean’s tanker expansion strategy goes beyond newbuilding projects. At the beginning of 2026, the company agreed to acquire ten VLCCs from SK Shipping in a deal worth nearly $700 million, substantially increasing its crude tanker fleet within a short period.
The company had previously placed an order for two supertankers at HD Hyundai Heavy Industries. In addition, Pan Ocean has been cooperating with Chinese shipbuilders, where new vessels are already under construction as part of its fleet renewal and expansion programme.
The latest order demonstrates the company’s intention to capitalize on sustained demand for crude oil transportation while reinforcing its standing among the world’s leading tanker operators. As global energy trade continues to expand, Pan Ocean remains focused on fleet growth and business diversification, reducing its reliance on the traditional dry bulk market.
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