South Korea’s Pan Ocean has completed the acquisition of 10 very large crude carriers (VLCCs) from SK Shipping, although the final pricing of the transaction has yet to be disclosed, according to a report by TradeWinds.
The deal, first agreed earlier this year, involves secondhand VLCCs that are expected to significantly expand Pan Ocean’s footprint in the crude tanker segment. Industry estimates have previously valued the transaction at roughly $650m–$700m, though the final figure remains subject to adjustment.
The vessels are being transferred along with associated long-term cargo contracts, strengthening earnings visibility and providing Pan Ocean with immediate exposure to stable crude transport business.
The move marks a major strategic shift for Pan Ocean, which has historically been heavily weighted toward dry bulk shipping. By adding VLCC tonnage, the company is accelerating diversification into the tanker market amid improving fundamentals and heightened activity in the segment.
For SK Shipping, the sale forms part of an ongoing portfolio reshaping under private equity owner Hahn & Co, with proceeds expected to be redeployed into other shipping sectors and growth areas.
The transaction is scheduled for phased delivery, with full completion expected by 2027, further underlining Pan Ocean’s long-term commitment to scaling its tanker operations.