South Korea’s Pan Ocean has added another VLCC to its orderbook, continuing a steady push into the crude tanker segment. The Harim Group-controlled owner said in a stock exchange filing it will pay around $121.8m for the vessel, although it has yet to name the shipyard behind the deal. Delivery is slated for late December 2029. The company said the newbuild will be capable of conversion to run on ammonia, in line with its broader decarbonisation plans and that the final cost could shift depending on developments in the alternative fuels market. Pan Ocean, which controls a fleet of more than 100 ships, remains heavily weighted towards dry bulk, with the segment accounting for around 60% of its operations. Still, the company has been steadily building its presence in tankers. In mid-2025, the owner ordered two VLCCs at HD Hyundai Heavy Industries at about $127m each, with deliveries due in 2027. Pan Ocean has also moved on the secondhand front striking a deal worth close to $700m earlier this year to acquire 10 VLCCs operated by SK Shipping, significantly boosting its exposure to the crude trade. Alongside its tanker moves, Pan Ocean has also been active in its core dry bulk segment. As covered earlier this month, the company added newcastlemax tonnage through an order at Qingdao Beihai Shipbuilding, reinforcing its position in the large bulker space. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSouth Korea