Hanwha Ocean has booked a KRW 800.1bn ($529m) order for four VLCC newbuildings from an unnamed Asian shipowner, with industry sources linking the contract to South Korea’s Pan Ocean, according to Hanwha Ocean’s filing to the Korea Exchange.
The filing does not name Pan Ocean. It identifies the counterparty only as an Asian shipowner, leaving the buyer’s identity officially undisclosed.
The four-ship contract equals 6.3% of Hanwha Ocean’s 2025 consolidated revenue. The contract runs from 12 June 2026 to 22 February 2030.
Hanwha Ocean said the deal includes advance payments and milestone-based instalments tied to construction progress. The contract is expected to become effective by 30 June 2026 once agreed preconditions are met. The shipbuilder said it would file a correction if the contract does not take effect. The deal matches Pan Ocean’s May disclosure of a KRW 783.43bn ($518m) investment in four VLCCs.
Pan Ocean said that investment was aimed at strengthening its wet bulk business by expanding its VLCC fleet.
Pan Ocean Co Ltd is a South Korean shipping company active in dry bulk, containers, tankers, LNG carriers, heavy-lift shipping and agri-trading. Its tanker business covers crude oil, refined products, petrochemicals and vegetable oils.
Hanwha Ocean Co Ltd is a South Korean shipbuilding and offshore engineering company within Hanwha Group. Its portfolio includes LNG carriers, VLCCs, container ships and offshore facilities.