South Korea’s Pan Ocean has approved a KRW 783.4bn ($525m) investment in four VLCC newbuildings, with deliveries scheduled for 19 November 2030, according to Pan Ocean’s 14 May regulatory filing.
The board approval covers new facility spending equal to 13.7% of the company’s shareholders’ equity.
The shipbuilding contract is scheduled to be signed on 29 May.
Pan Ocean said the investment is aimed at improving its competitiveness in wet bulk shipping, including crude oil and gas transportation, by expanding its VLCC fleet.
The filing did not name the shipyard. The disclosed price implies about $131m per vessel.
The move follows Pan Ocean’s earlier agreement to acquire 10 VLCCs from SK Shipping for about KRW 973.7bn ($652m), extending the company’s shift from its dry bulk base into tanker and LNG carrier operations.
Pan Ocean is a South Korean shipping company affiliated with Harim Group. Its business covers dry bulk, container, tanker, LNG carrier and heavy-lift shipping.
SK Shipping is a South Korean shipping company active in crude oil, petroleum product and gas carrier operations.
Harim Group is a South Korean corporate group with operations in food, logistics and shipping.