Pan Ocean confirms new VLCC pair at Qingdao Beihai shipyard
The South Korean owner has placed its latest very large crude carrier newbuildings at the CSSC-controlled yard.
South Korea's Pan Ocean has confirmed its latest pair of very large crude carrier newbuildings at CSSC-controlled Qingdao Beihai Shipbuilding, adding to the Harim-controlled owner's expanding tanker newbuilding programme. The order continues a run of VLCC investment activity that has picked up pace across the tanker sector this year.
The two vessels are ammonia-ready, reflecting a broader trend among owners to specify newbuildings capable of running on alternative fuels in the future even where current propulsion remains conventional. Delivery is expected around September 2030, with market sources putting the price at roughly $122 million per ship.
Pan Ocean's stock exchange disclosure formalised details that had circulated in the market since the end of June, when it was first reported that the Harim-controlled owner had lined up the two ammonia-ready VLCCs. The gap between initial market reports and formal confirmation is common in shipbuilding, where contracts are frequently finalised well before public disclosure.
Qingdao Beihai has built up a significant order book in the VLCC segment as owners globally have rushed to secure scarce newbuilding slots, with yard capacity across major shipbuilding nations increasingly booked years in advance. The tanker sector has seen a wave of ordering activity as owners look to renew ageing fleets with larger, more efficient and fuel-flexible vessels.
The confirmed order adds to Pan Ocean's growing exposure to the VLCC segment, positioning the company to benefit from tanker demand tied to global crude trade flows once the new vessels enter service later this decade. Further newbuilding activity in the segment is expected as owners continue to compete for yard capacity across Asia.
