On June 12, Hanwha Ocean announced that it had signed a contract with an Asian shipowner to build four Very Large Crude Carriers (VLCCs). The total value of the order is 800.1 billion won (approximately $524 million), which works out to about $131 million per vessel. Deliveries are expected to be completed by February 2030.
Market sources confirmed that the shipowner behind the order is Pan Ocean, a South Korean shipping company owned by South Korean private equity giant Hahn & Company. In May 2026, Pan Ocean had separately disclosed plans to invest approximately $525 million to build four VLCCs.
This batch of new vessels represents Pan Ocean’s latest move to accelerate its expansion into the tanker sector. As an international shipowner with dry bulk shipping as its core business, Pan Ocean has been rapidly expanding into the crude oil transport sector over the past few years through both newbuilds and secondhand vessels; however, dry bulk shipping remains the company’s core business, accounting for approximately 60% of its total operations.
Earlier this year, Pan Ocean announced a nearly $700 million acquisition of 10 VLCCs from fellow South Korean shipowner SK Shipping, significantly expanding its presence in the crude oil tanker market. As the transaction includes the transfer of related long-term charter contracts involving several major South Korean cargo owners, the deal is expected to be completed by April 11, 2027.
In terms of newbuilds, including the four vessels ordered from Hanwha Ocean, Pan Ocean currently holds orders for seven VLCCs, with the remaining three being built by HD Hyundai Heavy Industries (two vessels) and Beihai Shipbuilding (one vessel). Additionally, Pan Ocean has placed orders for two 211,000 DWT bulk carriers with Beihai Shipbuilding this year.
According to data recently released by Pan Ocean, the shipping company currently operates over 240 vessels (including chartered vessels), of which approximately 200 are bulk carriers, with the remainder consisting of tankers, container ships, heavy-lift vessels, and LNG carriers.
