The owner and operator disclosed in a stock exchange filing on 29 June that it had placed an order at an undisclosed shipyard for two additional VLCCs, scheduled for delivery by September 2030.

The contract, aimed at strengthening the company’s wet bulk business, is valued at approximately US$244.5M, implying a price of around US$122M per vessel.

Pan Ocean said the ships will be built with ammonia-ready specifications as part of its decarbonisation strategy. The company added that the decision to install ammonia fuel capability will depend on developments in the alternative fuels market.

In March, the company announced an order for a single ammonia-ready VLCC at an unnamed yard on similar commercial terms. Shipbrokers noted at the time that CSSC Qingdao Beihai was expected to undertake the project.

The owner has pursued an aggressive VLCC expansion strategy this year across both the newbuilding and secondhand markets.

Last month, Pan Ocean placed an order for four VLCCs worth approximately US$524M, with shipbroking sources identifying South Korea’s Hanwha Ocean as the builder.

Earlier this month, the company announced it had secured long-term employment for those vessels under a 20-year charter agreement worth approximately US$1.62Bn with SK Energy and SK Incheon Petrochem to transport crude oil from the Middle East to South Korea.

The company also agreed in 2026 to acquire 10 secondhand VLCCs from SK Shipping for US$668M. The latest investment brings the owner’s total spending on VLCCs this year to more than US$1.5Bn.

In addition to its tanker investments, the company has also ordered bulk carriers this year. Pan Ocean currently operates a fleet of 263 vessels, including chartered-in tonnage, comprising 218 bulk carriers, 19 tankers, 14 LNG carriers and 12 container ships.