Pan Ocean disclosed on the 13th that it decided to place orders for two newly built large bulk carriers to boost competitiveness in its cargo transport business.
The vessels will be Newcastlemax class ships with a deadweight tonnage (DWT) of at least 185,000 tons, designed for dual-fuel propulsion using ammonia or liquefied natural gas (LNG) in line with decarbonization policy. The total investment is about 227.9 billion won.
This investment is the exercise of an additional order option related to the large bulk carrier investment decided in February. Pan Ocean also placed newbuild orders for two Newcastlemax bulk carriers in February at a cost of 224.5 billion won.
With this investment, Pan Ocean will secure four additional large bulk carriers with a total outlay of 452.4 billion won. As of the end of last year, Pan Ocean operated 202 dry bulk carriers, of which 51 were large bulk carriers with a DWT of at least 100,000 tons.