Pan Ocean has agreed to acquire 10 very large crude carriers (VLCCs) from SK Shipping in a transaction facilitated by private equity firm Hahn & Co, marking a significant reshuffle in South Korea’s tanker sector.
The deal will see ownership of the VLCC fleet transferred to Pan Ocean, strengthening the company’s presence in the crude oil transportation market. The vessels, typically deployed on long-haul routes moving Middle East crude to Asia and other major consuming regions, are expected to enhance Pan Ocean’s scale and operational flexibility.
Hahn & Co, which holds a controlling stake in SK Shipping, has been actively restructuring and optimising the company’s portfolio. The sale aligns with efforts to streamline assets and improve capital allocation, while allowing Pan Ocean to expand its tanker footprint amid evolving market dynamics.
Industry observers noted that the VLCC segment has experienced fluctuating freight rates over the past year, influenced by geopolitical tensions, OPEC+ production decisions, and shifting trade flows. The acquisition provides Pan Ocean with additional tonnage to capitalise on potential market upswings and secure long-term charter opportunities.
The transaction is subject to customary regulatory approvals and closing conditions. Once completed, the move is expected to reinforce Pan Ocean’s position as a major player in the global tanker market while enabling SK Shipping to recalibrate its fleet strategy under Hahn & Co’s ownership.