Pan Ocean is continuing to reshape its identity in global shipping, gradually shifting from a dry bulk-focused operator into a more diversified tanker player. Its latest move confirms that direction, with a new order for four very large crude carriers (VLCCs).
In a stock exchange filing, the Harim Group-controlled company said it plans to invest KRW783.4bn ($525m) in the quartet of supertankers, which works out at around $131m per vessel. The shipyard behind the order was not disclosed, but delivery is expected in the second half of 2030.
While the company has not officially changed its core profile, the direction of travel is becoming clearer. Pan Ocean still operates a fleet of more than 100 vessels and continues to generate roughly 60% of its business from dry bulk shipping, but crude tankers are now playing a much more visible role in its long-term strategy.
This latest VLCC order builds on a series of moves that have significantly increased its exposure to oil transportation. Earlier this year, Pan Ocean agreed to acquire 10 VLCCs operated by SK Shipping in a deal worth close to $700m, instantly lifting its presence in the crude segment.
That came shortly after the company placed an order for two VLCC newbuildings at HD Hyundai Heavy Industries in mid-2025, each priced at around $127m and scheduled for delivery in 2027.
Pan Ocean also entered the VLCC newbuilding space with a separate single vessel order at Qingdao Beihai Shipbuilding, a yard where it previously focused on Newcastlemax bulk carriers.
Taken together, these steps point to a gradual but deliberate repositioning: a dry bulk leader increasingly building a second pillar in crude tanker shipping, one order at a time.
