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