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Pan Ocean News

25 Mar 2024

Fuel Savings of Autonomous Navigation System Verified

Source: Avikus

Avikus, HD Hyundai's autonomous navigation in-house startup, has verified that its autonomous navigation system is capable of reducing fuel use by as much as 15%, which is expected to reduce carbon emissions by 10%.The fuel savings were quantified on a 325,000-ton very large ore carrier (VLOC) operating several times on a 5,800-mile route from Singapore to Brazil using Avikus’ autonomous HiNAS Control system.The verification of this performance was conducted through procedures that were jointly developed by HD Korea Shipbuilding & Offshore Engineering and Avikus…

18 Dec 2023

Harim Preferred Buyer of HMM

Source: HMM

Harim Holdings on Tuesday said it has been chosen as the preferred bidder to buy control of South Korea's biggest container shipping company HMM in what people with knowledge of the matter said was a 6.4 trillion won ($4.92 billion) deal.Harim and HMM creditors Korea Development Bank and Korea Ocean Business will negotiate a final deal by the first half of 2024 for 58% of the shipper, said the people, declining to be identified as they were not authorised to discuss terms.Harim entered bidding via a consortium led by its bulk shipping unit Pan Ocean.

24 Nov 2021

Top 10 Ship Owning Nations

(Image: VesselsValue)

VesselsValue's head cargo analyst, Olivia Watkins, has compiled a list of the world's top ship owning nations ranked by total fleet value.ChinaChina has moved up from second in January to firs place this time, owning a total of $191 billion in assets.China owns the largest number of containerships and, consequently, the recent surge in rates and values has moved them up the ranks to top spot in terms of fleet value. The increase in rates has also prompted an ordering spree across the container sector, as owners’ confidence in the market exploded.

14 Oct 2021

ABB to Turbocharge First ME-GA Engines

(Photo: ABB)

ABB’s A200-L turbochargers will be used on MAN Energy Solutions’ 5G70ME-C10.5-GA engines destined for six 174,000m3 liquefied natural gas (LNG) carriers ordered by four shipowners – Korea Line Corp, PAN Ocean, Knutsen OAS and JP Morgan – under a long-term charter agreement with Shell.The ME-GA is MAN’s first low-pressure dual-fuel two-stroke engine. It sits alongside MAN’s well-established high-pressure ME-GI engines, offering LNG carriers and other vessels an alternative way to cut greenhouse gas emissions and minimize air pollution at lower capital cost.

30 Jul 2021

Invasive Pest-infested Cargo Ship Ordered to Leave U.S. Waters

A cargo ship was ordered to leave the U.S waters after U.S. Customs and Border Protection (CBP) agriculture specialists at the Port of New Orleans discovered invasive insects found in the wood used to secure its previous cargo offloaded earlier in Mexico. The ship, named Pan Jasmine, arrived at the anchorage of Davant, downriver from New Orleans at mile marker 54, on July 17, having previously offloaded a shipment of aluminum in Vera Cruz, Mexico, after coming from Paradip, India."The wood used to pack the aluminum had not been offloaded in Mexico and was left scattered on the deck of the Pan Jasmine, which is unusual. No reason was provided to CBP as to why the dunnage was refused discharge in Mexico, and this raised a red flag.

14 May 2021

A Newbuild VLOC is the First Wind-powered Bulk Carrier

(Photo: Vale)

Brazilian miner Vale expects to soon put into service the first-ever bulk carrier propelled partially sails, the company said on Thursday.The rotor sail-equipped newbuild, a very large ore carrier (VLOC) named Sea Zhoushan, is being built in China for owner by Pan Ocean Ship Management and will be chartered by Vale upon delivery in the coming days. Not only is Sea Zhoushan the first bulk carrier to be fitted with rotor sails, the 340-meter, 325,000 dwt vessel is also the largest ship ever to be outfitted with the fuel-saving and emissions-reducing technology…

18 Jan 2021

GTT Wins LNG Carrier Tank Design Order from Samsung

French engineering firm GTT said it has received an order from the Korean shipyard Samsung Heavy Industries (SHI) for the tank design of a new 174,000-cubic-meter-capacity liquefied natural gas (LNG) carrier on behalf of the Korean ship-owner Pan Ocean.GTT will design the tank, which will be fitted with the Mark III Flex membrane containment system. The delivery of this vessel is scheduled for the second quarter of 2023.This order is the first of the year for GTT, the company said. It follows a series of 29 LNG carriers orders received in the second half of 2020. GTT noted that these orders, except for one, will be delivered over a longer period than usual, spreading over 2023 to 2025.

12 Nov 2020

Aquaculture: Inside the De Maas’ Offshore Fish Farm

Image Courtesy De Maas.

As attention increasingly turns to ocean health and sustainability, an innovative new fish farm solution was deployed earlier this year when the De Maas’ Semi-submersible Spar Fish Farm (SSFF) became the world’s first offshore farm installed at an open ocean location exposed to tropical storms. MTR recently visited – virtually – with co-founder Philip Schreven for insight on the design and operation particulars of their innovation.How did you became involved in this unique niche of the maritime industry?Mark van Leeuwen and I founded De Maas in 2007 as an offshore oil and gas services company.

30 Mar 2020

New CEO Takes Over at Pan Ocean

South Korean shipping company Pan Ocean announced that Joong Ho Ahn is newly appointed as a Chief Executive Officer with effect from the date of the Board of Directors Meeting on March 30, 2020.The new CEO takes over for Sung Yob Choo who has retired before his term expired due to personal reasons.

15 Oct 2019

Korean Shippers Jointly Pitch for Qatari LNG Newbuilds

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 LNG carriers for the project.While South Korea’s major shipbuilders are considered the favorites to take the LNG carrier construction orders from Qatar due to their dominant presence in the LNG ship ma

01 Oct 2018

South Korea's SK Group to Sell SK Shipping

South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing a method of buying up new shares issued by SK Shipping.An official at SK Group confirmed that they are talking to Hahn & Company regarding the issue, but nothing has been finalized yet.

28 Dec 2017

STX Corp to Be Sold to Chinese Firm

AFC Korea,  a subsidiary of Chinese private equity fund AFC, has been selected as the preferred bidder for cash-strapped STX Corp, according to a Business Korea report. AFC Korea has reportedly offered a price tag above 70 billion won (US$65.62 billion) for an 86.28 percent stake owned by STX creditors. STX creditors include Korea Development Bank (KDB), which holds a 39.59 percent stake, and NongHyup, which has 10.07 percent. AFC beat three other potential bidders including Pan Ocean, which was once a part of STX, and textile manufacturer Global SAE-A. According to Business Korea report, CEO of the company Hong Ra-jung  is raising 100 billion won (US$93.23 million) worth of project fund to acquire STX.

30 Nov 2017

PanOcean Signs USD 1.8bln Deal with Brazil's Vale, Orders Six VLOCs

South Korean shipper Pan Ocean has won a 1.98 trillion won ($1.82 billion) contract to transport iron ore over a period of 27 years for Brazilian mining giant Vale, Reuters reported. The South Korea company said in a regulatory filing that it is set to carry iron ore from Brazil to China from January 2020 to August 2047. According to Straits TImes, the contract commences from the first quarter of 2020. "The main objective of the company for entering into this COA is to secure a stabilised source of revenue and profit," said Pan Ocean. Pan Ocean also said it has placed orders worth 483 billion won with a Chinese shipbuilder for six very large ore carriers. The new ships are intended to be employed on long-term cargo contracts. The ships are scheduled to be delivered by September 2021.

30 Nov 2017

Capesize Rates to Climb in a 'Market on Fire'

(Photo: Star Bulk)

Freight rates for large dry cargo ships on key Asian routes, which hit three-year highs this week, are likely to rise further on a shortage of ships available for immediate charter, brokers said. Rates for 180,000 deadweight tonne (DWT) capesize ships are set to break $10 a tonne from Australia to China in the next few days, while rates could also surpass $20 a tonne from Brazil to China. "There are more chances of rates breaking $10 than $20 because the Australian market is more active among miners and vessel operators," a Singapore-based capesize broker said on Thursday.

18 Aug 2017

IPA Opens New Container Route

Incheon Port Authority (IPA) announced that a regular container route ‘Thailand-Vietnam Services (TVX)’ launched by five shipping companies – Namsung Shipping, Dongjin Shipping, Pan Continental Shipping, Pan Ocean and CK Line – was newly opened. Starship Pegasus (1,800 TEU) provided for the TVX entered the Incheon New Port SNCT early in the morning on August 16 for the first time. Starship Pegasus is one of the three ships operated for the TVX. The three ships (1,800 TEU) will be operated by Namsung Shipping, Dongjin Shipping and Pan Continental Shipping for 9 months. After that, they would be operated by Pan Ocean and CK Line for another 9 months. The TVX route is Incheon-Gwangyang-Busan-Ho Chi Minh-Laem Chabang-Bangkok-Laem Chabang-Ho Chi Minh-Incheon. It will be operated weekly.

09 Aug 2017

14 South Korean Ship Owners Form Alliance

A group of 14 South Korean shippers are joining forces to form the first domestic alliance, aiming to restore the country’s shipping sector, reported Yonhap. Under the name “Korea Shipping Partnership (KSP)”, the new shipping consortium will be led by Hyundai Merchant Marine (HMM) and supported by Korea Shipowners Association (KSA). HMM, Pan Ocean Co. and 12 other shipping companies that are mainly involved in routes in the Asian region will cooperate to boost their profitability on routes to Vietnam, Indonesia and other countries through restructuring efforts. Under the terms of agreement, they will cooperate to improve their collective strength through various measures including increasing shared cargo capacity, adding new shipping routes and co-managing overseas terminals.

03 Mar 2017

Fibria Inks $636 mln Ship Deal with Pan Ocean

Brazil's Fibria Celulose SA , the world's largest producer of eucalyptus pulp, signed a $636 million shipping deal with South Korea's Pan Ocean Co Ltd, according to a securities filing on Friday.   The deal, approved by Fibria's board in November, involves a so-called "consecutive voyage contract" for five ships until 2035, with an option for the pulp maker to extend the deal by five or 10 years.   Reporting by Brad Haynes

10 Oct 2016

Korean Register CEO Park Passed Away

Dr. B. S. Park ( Photo: Korean Register)

Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness.   Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001. In that year he was appointed CEO of Welson Korea Insurance Brokers before becoming COO of Korea P&I Club in 2006. He appointed as Chairman and CEO of KR in December 2014.   Dr. Park was 63 and leaves a wife and two children.

19 Mar 2015

Harim to Expand Pan Ocean with Grain

Firm aims to hike Pan Ocean sales to over 10 trln won in 5-6 years. South Korea's Harim Group aims to grow sales at the country's largest bulk shipper Pan Ocean Co Ltd, which it plans to acquire, seven times to more than 10 trillion won ($8.97 billion) annually within five to six years. The livestock and animal feed group plans to add a grains trading business to shipper Pan Ocean with the aim of building it into it a major dealer in the sector, Harim chairman, Kim Hong-kuk, told Reuters on Thursday. "Those who had previously owned Pan Ocean did only shipping, but we will add grain trading," Kim said during an interview in his office in Seongnam, south of Seoul. "We have done lots of business in livestock sectors requiring grains as raw materials.

21 Apr 2015

Rejig at Pan Ocean

South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital. The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a new share sale. Pan Ocean went into receivership after incurring over $ 5 billion in debts in 2013, after being battered by tonnage overhang following the global financial crisis. A series of debt-to-equity swaps saw Korea Development Bank become Pan Ocean's biggest shareholder. The restructured company plans to issue 757,844 shares on April 29. The move comes as Pan Ocean settles claims arising from its recent bankruptcy. The main creditor listed is Merrill Lynch, which is awarded 595,924 shares.

06 May 2016

Pan Ocean on Recovery Path

S. Korea’s Pan Ocean Co. is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half of the South Korean bulk carrier’s total shipping contracts, reports the Pulse. It has also resumed container services in Southeast Asia for the first time since it exited receivership in early 2015. Pan Ocean’s resumption of services came via a slot-sharing agreement with Hanjin Shipping to share space on Hanjin’s Korea Haiphong Express service. As of the fourth quarter last year, 59 percent of Pan Ocean’s total volume of transported goods was based on spot or short-term contracts that are affected by the BDI market environment.

13 Jun 2015

Harim Acquires Pan Ocean

South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December. The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court, following the agreement of more than two thirds of unsecured claims creditors (87.0%) and more than half of shareholders (61.6%), the bulker owner said in a stock exchange filing.

17 Sep 2015

Asia Dry Bulk-Capesize Rates to Climb

Shipowners confident rates will climb on tighter tonnage supply; Shipowners seek rates premium for Australian coal cargoes. Freight rates for capesize bulk carriers could continue to recover as ship owners scent the possibility of higher cargo volumes on tighter tonnage supply, ship brokers said. "Owners and charterers are playing a game of cat and mouse," said a Singapore-based capesize ship broker. Charterers were offering $12 per tonne for a capesize iron ore cargo from Brazil to China while owners were holding out for $13 per tonne, a Shanghai-based broker told Reuters on Thursday. "Owners do have confidence rates will increase and are grabbing the chance to push up the market," the Shanghai broker said. "The number of open vessels is getting fewer," the Shanghai broker added.