Pan Ocean Shipping is stepping up its expansion!
Date：08-08 286 Belong to：News Information
South Korean shipowner Pan Ocean is stepping up its expansion.
According to a US brokerage report, Pan Ocean will spend $70 million to acquire the Newcastlemax bulk carrier "Mineral Hiroshige" (208,600 DWT, built in 2019).
If the transaction is confirmed, this will be the second Newcastlemax bulk carrier purchased by the company in a short period of time.
A week ago, Pan Ocean was reported to have acquired the "Fomento Two" (207,000 DWT, built in 2017) with a scrubber for $60 million. The company then indirectly confirmed the acquisition in its second-quarter results investor relations report released on August 1, saying that it had recently acquired a 207,000 DWT capesize bulk carrier on the second-hand market, which will be delivered in November.
In fact, Pan Ocean Shipping not only increased its acquisition of Newcastlemax bulk carriers, but also confirmed that six Ultramax newbuildings are under construction, an increase from the four disclosed in the report three months ago. The company did not disclose the construction shipyards of the two newly signed 64,000-ton newbuildings, but they are expected to be delivered in October 2027 and January 2028.
Dry bulk carriers are at the forefront of Pan Ocean Shipping's extensive expansion plan, and expansion in other shipping fields is also proceeding simultaneously. Pan Ocean Shipping's shipbuilding plan includes nine LNG carriers, which will be delivered from shipyards controlled by Hanwha Marine and HD Hyundai Heavy Industries in 2024 and 2025. The ships have long-term charters with Shell and Korea Green LNG. The company is also building six 50,000-ton MR tanker newbuildings at Hyundai Mipo Dockyard and Hyundai Vietnam, which will be delivered in 2025 and 2026.
Under the leadership of CEO Ahn Joong Ho, Pan Ocean Shipping's profits have continued to rise. The company has 109 owned and 149 chartered vessels, including dry bulk carriers, tankers, LNG carriers and container ships. Net profit rose 19% year-on-year to 109.6 billion won (about 79.9 million U.S. dollars) in the second quarter.
Based on guidance through 2026, Pan Ocean Shipping's major shareholder, Harim Holdings, which holds a 54.7% controlling stake in the company, can expect to receive dividends of 15% to 25% of net profit. This reflects Pan Ocean Shipping's decision to "reward shareholders in a reasonable and balanced manner to ensure investment resources and maintain the robustness of the financial structure," as stated in its investment release.
Pan Ocean Shipping has demonstrated its ambition through diversified ship types and expansion plans. From dry bulk carriers to LNG carriers to tankers, Pan Ocean Shipping is not only expanding its fleet size but also strengthening its market competitiveness. The company has secured the economic benefits of new shipbuilding by signing long-term leases with well-known companies. This strategy will effectively reduce the risks brought by market fluctuations and enhance profitability.
At the same time, Pan Ocean Shipping's shareholder return strategy also shows its balance between expansion and robustness. By distributing profits reasonably, the company not only ensures the benefits to shareholders, but also provides sufficient financial support for future investments. This two-pronged strategy will help Pan Ocean Shipping occupy a more advantageous position in the global shipping market.
In the next few years, with the delivery of new ships, Pan Ocean Shipping's fleet size and market influence will be further enhanced. With its forward-looking strategic layout and sound financial management, Pan Ocean Shipping will continue to be an important force in the global shipping industry.
According to a US brokerage report, Pan Ocean will spend $70 million to acquire the Newcastlemax bulk carrier "Mineral Hiroshige" (208,600 DWT, built in 2019).
If the transaction is confirmed, this will be the second Newcastlemax bulk carrier purchased by the company in a short period of time.
A week ago, Pan Ocean was reported to have acquired the "Fomento Two" (207,000 DWT, built in 2017) with a scrubber for $60 million. The company then indirectly confirmed the acquisition in its second-quarter results investor relations report released on August 1, saying that it had recently acquired a 207,000 DWT capesize bulk carrier on the second-hand market, which will be delivered in November.
In fact, Pan Ocean Shipping not only increased its acquisition of Newcastlemax bulk carriers, but also confirmed that six Ultramax newbuildings are under construction, an increase from the four disclosed in the report three months ago. The company did not disclose the construction shipyards of the two newly signed 64,000-ton newbuildings, but they are expected to be delivered in October 2027 and January 2028.
Dry bulk carriers are at the forefront of Pan Ocean Shipping's extensive expansion plan, and expansion in other shipping fields is also proceeding simultaneously. Pan Ocean Shipping's shipbuilding plan includes nine LNG carriers, which will be delivered from shipyards controlled by Hanwha Marine and HD Hyundai Heavy Industries in 2024 and 2025. The ships have long-term charters with Shell and Korea Green LNG. The company is also building six 50,000-ton MR tanker newbuildings at Hyundai Mipo Dockyard and Hyundai Vietnam, which will be delivered in 2025 and 2026.
Under the leadership of CEO Ahn Joong Ho, Pan Ocean Shipping's profits have continued to rise. The company has 109 owned and 149 chartered vessels, including dry bulk carriers, tankers, LNG carriers and container ships. Net profit rose 19% year-on-year to 109.6 billion won (about 79.9 million U.S. dollars) in the second quarter.
Based on guidance through 2026, Pan Ocean Shipping's major shareholder, Harim Holdings, which holds a 54.7% controlling stake in the company, can expect to receive dividends of 15% to 25% of net profit. This reflects Pan Ocean Shipping's decision to "reward shareholders in a reasonable and balanced manner to ensure investment resources and maintain the robustness of the financial structure," as stated in its investment release.
Pan Ocean Shipping has demonstrated its ambition through diversified ship types and expansion plans. From dry bulk carriers to LNG carriers to tankers, Pan Ocean Shipping is not only expanding its fleet size but also strengthening its market competitiveness. The company has secured the economic benefits of new shipbuilding by signing long-term leases with well-known companies. This strategy will effectively reduce the risks brought by market fluctuations and enhance profitability.
At the same time, Pan Ocean Shipping's shareholder return strategy also shows its balance between expansion and robustness. By distributing profits reasonably, the company not only ensures the benefits to shareholders, but also provides sufficient financial support for future investments. This two-pronged strategy will help Pan Ocean Shipping occupy a more advantageous position in the global shipping market.
In the next few years, with the delivery of new ships, Pan Ocean Shipping's fleet size and market influence will be further enhanced. With its forward-looking strategic layout and sound financial management, Pan Ocean Shipping will continue to be an important force in the global shipping industry.
