Pan Ocean linked to four-VLCC order at Hanwha Ocean

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South Korean shipping company Pan Ocean has been identified as the buyer for a four-vessel VLCC order at Hanwha Ocean shipyard valued at $524 million. This contract represents a significant investment in crude carrier shipping capacity in Asia.

South Korean owner Pan Ocean has emerged as the buyer behind a four-vessel VLCC order at compatriot shipbuilder Hanwha Ocean. Hanwha Ocean disclosed on Friday that it had secured a KRW800.1bn ($524m) contract from an unnamed Asian shipping company for four very large crude carriers. Multiple shipbuilding sources have since identified the owner as Harim …