Pan Ocean Co., Ltd.
KKRX:0286706,200.00
KRW
-120.00
(-1.90%)
Pan Ocean Co., Ltd.
KRX:028670
(Korea Stock Exchange)
Recent
price
6,200.00
P/E
ratio
7.48
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Pan Ocean Co., Ltd. (028670.KS) operates as a global shipping company providing marine transportation services, including dry bulk carriers, container ships, tankers, LNG carriers, and heavy lift vessels; it also engages in grain trading and logistics. The company offers break bulk liner services for steel, coal, wood, equipment, and machinery cargoes; tramper services for dry bulk cargo such as iron ore, coal, grain, sugar, logs, minerals, fertilizers, and scrap metal; large bulker services for coal and iron ore; container services; tanker services for crude oil, gasoline, gas oil, jet oil, oil and fats, petrochemicals including benzene, toluene, xylene, base oil, and caustic soda; liquefied natural gas carrier services; heavy lifter services for offshore wind components, machinery, and modules; and tug boats, drill ships, barges, and ocean platforms. Founded in 1966 and headquartered in Seoul, South Korea, Pan Ocean conducts operations worldwide with subsidiaries in markets including China, Japan, Singapore, and Brazil; it functions as a subsidiary of Harim Holdings Co., Ltd. and targets industries such as oil and gas, raw materials, chemicals, automotive suppliers, food and beverage, steel companies, power plants, and resource development firms. In recent developments, Pan Ocean secures long-term iron ore transport contracts valued over US$340 million with Hyundai Glovis (US$180 million, Australia to South Korea, commencing April 2025 through September 2032) and Vale (US$160 million, Brazil to China and other destinations, April 2025 through September 2030), deploying dedicated ore carriers; it expands its wet bulk segment by ordering two additional 300,000 DWT very large crude oil carriers (VLCCs) from HD Hyundai Heavy Industries and invests 350.5 billion won in constructing two more VLCCs. The company grows its fleet with six Ultramax newbuildings for delivery by 2028, secondhand acquisitions including two Capesize vessels, one ore carrier, and one Panamax in 2025, and secures time charter contracts for LNG carriers with Shell (seven years plus options), QatarEnergy, and KGL (12-15 years plus options); it also enhances grain trading synergies with parent Harim Group, targeting 3.12 million tons in sales for 2024. As of end-2024, Pan Ocean manages a fleet of 247 bulk carriers (owned and chartered-in, including 46 Capesize or larger) plus 43 vessels in tankers, containers, LNG, and heavy-lift sectors, while advancing agri-trading & logistics, LNG bunkering, and business diversification for stable growth.