Restructured South Korean shipowner and operator Pan Ocean, previously known as STX Pan Ocean and now regarded as one of the world’s largest bulk carrier owners, is pushing deeper into the large bulk carrier segment with additional newcastlemax bulk carrier orders at Qingdao Beihai Shipbuilding, extending a broader expansion drive that also highlights the scale and diversification of Pan Ocean’s business. Seoul-based shipowner and operator Pan Ocean has enlarged its newbuilding programme by exercising options for two more newcastlemax bulk carriers at Qingdao Beihai Shipbuilding, following an earlier 2026 contract for two 211K DWT newcastlemax bulk carrier newbuildings. With those options now declared, Harim Group-controlled shipowner and operator Pan Ocean’s programme at the Chinese yard has increased to four newcastlemax bulk carrier newbuildings carrying a combined value of around $308 million, with the first two scheduled for delivery by Q4 2030 and the newly added pair expected by Q2 2031. Pan Ocean said each of the extra ships will cost about $77 million and that the design will be prepared for alternative fuels such as LNG or ammonia, emphasising Pan Ocean’s effort to pair fleet growth with more forward-looking technical specifications. The latest order is important because it shows Pan Ocean’s determination to strengthen its foothold at the upper end of the dry bulk market while the group is also broadening its exposure across other shipping segments. Pan Ocean’s bulker division remains the foundation of the business, and Pan Ocean has built its dry bulk activities around breakbulk liner, tramper and large bulker services, supported by long-term relationships with major industrial cargo interests. That concentration on long-term cargo contracts helps explain why Pan Ocean continues to commit major capital to larger dry bulk tonnage, where contract coverage, cargo relationships and fleet scale remain critical competitive strengths. Pan Ocean’s overall scale is far greater than the short newbuilding announcement alone might imply. Recent market reporting indicates that Pan Ocean operated 202 dry bulk carriers and 44 non-dry bulk vessels at the end of last year, while dry bulk continued to account for around 60% of total operations. Another report noted that Pan Ocean’s dry bulk fleet included 51 large bulk carriers of at least 100,000 DWT. Those figures show that Pan Ocean is not merely adding a small number of new ships, but is steadily reinforcing an already sizeable dry bulk platform through targeted investment in larger and more efficient units. The background of Pan Ocean gives the latest move even more significance. Formerly known as STX Pan Ocean, the South Korean shipowner underwent restructuring after financial difficulties in the previous decade before re-emerging under Harim Group ownership. Since then, Pan Ocean has rebuilt itself into one of Asia’s most important shipping groups, with dry bulk still at the centre of its identity but with growing activity in tanker shipping and other sectors. That longer journey, from restructuring to renewed expansion, makes the latest Qingdao Beihai Shipbuilding investment another indication of how far Pan Ocean has progressed from recovery mode toward a more confident long-term fleet-building strategy. Earlier in 2026, Pan Ocean also expanded its tanker business by agreeing to acquire 10 VLCCs (Very Large Crude Carriers) from SK Shipping in a transaction widely valued at around $700 million. Market coverage of that deal said the ships were employed under long-term crude transportation contracts with major domestic charterers and that, once deliveries are completed, Pan Ocean’s VLCC (Very Large Crude Carrier) fleet will rise to 12 ships. That transaction demonstrated Pan Ocean’s intention to widen its earnings base, but it also showed that the group is growing in tanker shipping without reducing its simultaneous commitment to dry bulk, where the newcastlemax bulk carrier order points to continuing confidence in long-term cargo demand and fleet competitiveness. Viewed in that wider context, the additional Qingdao Beihai Shipbuilding order is more than a routine exercise of shipyard options. It shows South Korean shipowner and operator Pan Ocean continuing to strengthen a core business that remains central to its operating profile while also improving fleet capability for a regulatory and commercial environment increasingly shaped by fuel flexibility, scale and efficiency. By adding more alternative-fuel-ready newcastlemax bulk carriers, Pan Ocean is reinforcing its standing in the large bulk carrier market while also demonstrating that its post-restructuring growth story remains active across both dry bulk and tanker shipping. 16-March-2026
The restructured South Korean shipowner and operator Pan Ocean, formerly known as STX Pan Ocean and currently the fifth-largest bulk carrier owner globally, has been actively expanding its presence in the dry bulk carrier market. Recently, Pan Ocean acquired a modern ultramax bulk carrier, the 2021-built, 62K DWT MV World Crest, which features a scrubber and was constructed at Oshima Shipbuilding. The transaction amount for the MV World Crest was approximately $38 million. There are also reports linking Pan Ocean to a potential $60 million acquisition of a 2017-built Newcastlemax bulk carrier. In 2024, Pan Ocean has demonstrated significant activity across various segments. In May 2024, the company invested about $40 million in the handysize bulk carrier 40K DWT MV Yasa Violet, which was launched in March 2024. Earlier, in February 2024, Pan Ocean purchased the 2014-built Newcastlemax bulk carrier 208K DWT MV Pacific Assurance for approximately $48 million from OMC. Based in Seoul, Pan Ocean is anticipated to continue its growth trajectory by acquiring additional bulk carriers in the near future. Additionally, in the first quarter of 2024, Pan Ocean significantly engaged the spot market, chartering just under 50 bulk carriers. Pan Ocean’s operations are characterized by a diverse fleet that includes bulk carriers, tankers, and container ships, enabling it to serve a wide range of maritime transport needs globally. The company’s strategic investments in newer, more efficient vessels reflect its commitment to sustainability and reducing environmental impact. Furthermore, Pan Ocean’s extensive involvement in the maritime logistics sector has fortified its market position, allowing it to leverage economies of scale and enhance operational efficiencies. This holistic approach to maritime transport and logistics underpins Pan Ocean’s vision to remain a leader in the global shipping industry. 29-July-2024
Avikus, an autonomous navigation startup created by HD Hyundai, South Korea’s premier shipbuilding company, recently showcased the outcomes of advanced trials. These outcomes indicate that ships steered by artificial intelligence could lead to substantial savings on fuel expenses. Trials on a Pan Ocean Very Large Ore Carrier (VLOC) voyaging between Singapore and Brazil revealed a potential reduction in fuel consumption by up to 15% and a decrease in carbon emissions by 10%. The trials’ findings were authenticated by the shipbuilder, the ship’s owner, and the Korean Register, a prominent classification society. The HiNAS Control system, designed by Avikus, is an AI-driven autonomous navigation solution. It consolidates data from diverse navigational tools and sensors to autonomously manage the vessel’s course and speed without requiring manual input from navigators. Moreover, HiNAS is designed to enhance safety by aiding in collision prevention. Lim Do-hyeong, Avikus’s CEO, highlighted the significance of these advancements, stating, “This certification is crucial as it demonstrates the active role autonomous navigation technology can play in complying with carbon emissions regulations. Autonomous ships mark a pivotal advancement in the maritime industry’s sustainable evolution. We are excited about extending this technology across various platforms in the future.” In a landmark achievement, Avikus successfully executed the world’s inaugural transoceanic voyage of an LNG carrier without manual navigation in June 2022, achieving a 7% improvement in fuel efficiency and a 5% cut in greenhouse gas emissions. 26-March-2024
South Korea’s Sinokor Merchant Marine has successfully executed the sale of three newcastlemax bulk carriers to its compatriot, Pan Ocean, in a significant transaction. Based in Seoul, Sinokor Merchant Marine realized a total of $213 million from offloading the trio of 2020-delivered sister ships, named MV Atlantic Dragon, MV Atlantic Lion, and MV Atlantic Tiger, each boasting a deadweight tonnage of 208K DWT. These vessels, which Sinokor Merchant Marine initially commissioned in 2018 for $51 million each, were sold at a profitable $71 million per ship. Pan Ocean, a prominent player in the shipping industry, has a long history of maritime operations and is known for its diverse fleet and global shipping operations. This acquisition is part of Pan Ocean’s strategic expansion, bolstering its bulk carrier fleet amidst a buoyant market for large-capacity vessels. Furthermore, Pan Ocean has recently augmented its fleet with the acquisition of the MV Pacific Assurance, a 2014-built newcastlemax bulk carrier, from OMC Shipping, highlighting its active participation in the market. The trading of newcastlemax bulk carriers has reached unprecedented levels this year, with a surge in sales volumes and significantly elevated prices reflecting robust demand and optimism in the bulk shipping sector. Pan Ocean’s recent acquisitions underscore its commitment to capitalizing on this demand, positioning it as a key player in navigating the bustling maritime trade landscape. 25-March-2024
The Harim Group’s acquisition of Hyundai Merchant Marine (HMM), valued at $5 billion, is encountering obstacles due to problems with alliances and bonds, as the deadline for completing the deal rapidly approaches. In South Korea, doubts are surfacing regarding the group’s capacity to complete its significant acquisition of HMM. Known for its ownership of bulker operator Pan Ocean, the Harim Group was identified as the front-runner for the acquisition in December, in collaboration with its investment partner, JKL Partners, who submitted a bid of about $5.18 billion. 3-February-2024
Oshima Shipbuilding has recently clinched a contract from restructured South Korean shipowner and operator Pan Ocean (previously STX Pan Ocean) for two (2) 64K DWT ultramax bulk carrier new buildings, set for delivery in 2026. Additionally, Greek shipowner and operator Alassia NewShips Management lnc has ordered two (2) 64K DWT ultramax bulk carrier new buildings and one (1) 82K DWT kamsarmax bulk carrier new building from Oshima Shipbuilding. The two (2) 64K DWT ultramax bulk carrier new buildings are scheduled for delivery in the Q4 2024, while the one (1) 82K DWT kamsarmax bulk carrier new building is expected in 2025. Amidst its booming orderbook, Oshima Shipbuilding has expanded its operations by taking over Mitsubishi Heavy Industries’s Nagasaki Shipyard & Machinery Works (Koyagi). Oshima Shipbuilding commenced the construction of its first bulk carrier at this new location in April 2023. 9-October-2023
In the vibrant landscape of South Korea, a novel maritime establishment emerges, albeit bearing a time-honored appellation. The illustrious trading house, STX, has chosen to inaugurate a distinct arm dedicated to shipping and logistics, christened STX Green Logis. Subsequent to this division, STX shall pivot its attention towards the trading of elemental commodities, emphasizing secondary battery constituents such as nickel. In contrast, the freshly-formed STX Green Logis will immerse itself in the intricate realms of shipping and logistics, encompassing its venerable ship chartering ventures. The name STX resonates with historical grandeur, once a colossal maritime dynasty, only to see its zenith succumb to profound fiscal adversities a mere decade prior. At the pinnacle of its reign, the ancestral STX conglomerate boasted shipyards and prestigious shipping conduits, with names such as Pan Ocean in its repertoire, a lineage presently overseen by the Harim Group. 17-August-2023
Restructured South Korean shipowner and operator Pan Ocean (previously STX Pan Ocean) signed period deals on Friday. Spot dry bulk market improved after the Lunar New Year. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean chartered in 2019 built kamsarmax bulk carrier 81K DWT MV Taho America from Taiwan-based shipowner Ta Ho Maritime for $25,000 per day for around two years. 11-February-2022
Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has published plans to delist its shares from the Singapore Exchange (SGX). Pan Ocean announced that the company will offer to buy up shares at $6.56 each. Pan Ocean answered the delisting is not a take-private exercise as the Pan Ocean plans to maintain its primary listing on the Korea Exchange (KRX). According to South Korean shipowner and operator Pan Ocean keeping its dual listing status channels to numerous compliance and costs and that these resources could be properly spent on business operations. South Korean shipowner and operator Pan Ocean has not carried out any action to boost cash funding on the Singapore Exchange (SGX) since 2015. Pan Ocean delisting is subject to the approval of the Singapore Exchange (SGX) and both the delisting and exit offer will be conditional on obtaining endorsement from shareholders at the general meeting. In Q1 2021, South Korean shipowner and operator Pan Ocean reported an operating profit of $43.3 million. Currently, Pan Ocean controls around 221 bulk carriers. 14-June-2021
Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has been trying to sell its oldest capesize bulk carrier for demolition. Pan Ocean wants to scrap 1998 built capesize bulk carrier 149K DWT MV New Joy. Currently, Pan Ocean is anticipated to earn around $5 million from MV New Joy demolition. 8-June-2020
Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean dodged the collapse in dry cargo rates in the Q2 with only a mediocre year-on-year decline in net profit. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean reported a net income of $30 million for Q1 2019. South Korean shipowner and operator Pan Ocean reported revenue of $528 million for Q1 2019. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean clarified that the continuing US-China trade war also diminished demand for shipping. 15-August-2019
Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has reported net earnings of $83 million in 2016 comparing to $34 million in 2015. STX Pan Ocean was taken over by the Korean Harim Group in May 2015. Furthermore, after restructuring the Pan Ocean process, Pan Ocean bought dry bulk carriers from former Hanjin Shipping for $42 million in total. Pan Ocean has also ordered seven (7) newbuilding bulk carriers at Singapore-listed Yangzijiang Shipbuilding. 3-April-2017