According to shipping industry news, four VLCCs ordered by Harim Group’s Pan Ocean at Hanwha Ocean have secured 20-year crude oil transportation contracts.
Specifically, according to tracking reports from the shipping industry, South Korea’s Pan Ocean invested 783.4 billion KRW (approximately USD 525 million) to order four VLCCs at Hanwha Ocean, equivalent to USD 131 million per vessel.
Pan Ocean disclosed through the stock exchange that these four VLCCs have secured long-term charters from South Korean oil giant SK Energy. Under the agreement, the four 300,000 DWT VLCCs will be deployed in South Korea’s crude oil trade, including cargoes from the Middle East. The transportation contract has a duration of 20 years, from September 15, 2029, to September 2049, with the start and end dates to be appropriately adjusted based on newbuilding delivery schedules, with a total value of approximately USD 1.62 billion.
In fact, Pan Ocean is one of South Korea’s largest dry bulk shipping companies, with dry bulk business accounting for about 60% of its overall operations. However, in recent years, Pan Ocean has been heavily increasing its VLCC investments. Previously, according to tracking reports from the shipping industry, Pan Ocean invested 973.7 billion KRW (approximately USD 694 million) to acquire 10 VLCCs operated by SK SHIPPING, establishing a strategic partnership with SK Energy.
Additionally, Pan Ocean invested 183.5 billion KRW (approximately USD 127 million) to order one VLCC at Beihai Shipbuilding, with delivery expected by the end of December 2029.
In mid-2025, Pan Ocean also has two VLCCs under construction at HD Hyundai Samho Heavy Industries, scheduled for delivery in June and August 2027 respectively.
