Pan Ocean Orders Ultramax Pair

South Korean shipping company Pan Ocean has ordered two Ultramax bulkers from Chinese New Times Shipbuilding, Clarksons said in its weekly shipbuilding report.

Under the contract, Pan Ocean has an option for one more 64,000 dwt bulk carrier.

The newbuilding duo has been earmarked for delivery in 2020, according to Clarksons.

The order has been confirmed by VesselsValue as well, saying that the order was placed on August 14 and that the each bulker was priced USD 26.5 million.

Pan Ocean has 15 newbuildings on order in total, according to the vessel valuation agency, including six Capesizes at New Time Shipbuilding, five Ultramaxes at Jiangsu New Yangzijiang and two Handy Containers of 1,800 TEU at Hyundai Mipo, in addition to the latest order.

The order is being reported on the back of Pan Ocean nearly doubling its net profit in the second quarter of 2018 year-on-year, driven by a recovery in freight rates.

The company’s net profit jumped to KRW 37.3 billion (USD 33 million) from KRW 20 billion reported in the same quarter a year earlier.

World Maritime News Staff