South Korean owner Pan Ocean has secured long-term employment for four very large crude carrier newbuildings tied to its latest tanker expansion.
The Harim Group-controlled company disclosed in a stock exchange filing that it has signed a 20-year crude transport contract with SK Energy and SK Incheon Petrochem worth about $1.62bn.
The deal will see four 300,000 dwt VLCCs deployed in crude oil trades to South Korea, including cargoes from the Middle East.
The contract is set to run from September 15, 2029, to September 15, 2049, although Pan Ocean said the start and end dates could change depending on vessel delivery dates.
The ships are understood to be the quartet Pan Ocean ordered at Hanwha Ocean. The company disclosed in May that it would invest KRW783.4bn ($525m) in four VLCCs, equal to about $131m per ship.
The long-term SK deal gives Pan Ocean cover for the newbuildings as it continues to build out its crude tanker business.
Earlier this year, the company agreed to acquire 10 VLCCs from SK Shipping in a deal worth close to $700m, sharply increasing its exposure to the segment.
Pan Ocean had already moved into VLCC newbuildings with two ships ordered at HD Hyundai Heavy Industries in 2025. Those vessels, priced at around $127m each, are due for delivery in 2027. The company has also booked a VLCC at Qingdao Beihai Shipbuilding in China, a yard where it has previously ordered newcastlemax bulkers.
Source: Splash247
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