South Korean industry groups slam Hapag-Lloyd bid for HMM
The Federation of Korea Maritime Industries (FKMI) and the Busan Port Development Association (BPDA) have ...
Pan Ocean ordered two 1,000 teu ships from Daehan Shipbuilding on Friday, with options for two more vessels.
The newbuilding price was not disclosed, but VesselsValue indicates that similar ships are now worth approximately $40m.
Pan Ocean is South Korea’s largest dry bulk carrier owner, but is also active in container and tanker shipping.
Recently, it expanded its container shipping operations, in line with the firming market. In this segment, Pan Ocean is ranked 65th among liner operators, with a modest capacity of 10,448 teu, including five owned vessels.
Pan Ocean re-entered the container business after emerging from court protection in 2015, and concentrates on intra-Asia routes.
In the first half of 2021, revenue increased 57% year on year, to $1.62bn, while net profit soared 150%, to $130.41m. Container shipping revenue was $138m, on which its segment profit tripled year on year, to $28.29m.
Thw newbuilding order is Daehan’s first commission for containerships, as the South Korean mid-sized shipbuilder has focused on tankers. It will start construction in June next year and deliver the ships from May 2023.
Daehan CEO Chung Dae-sung said that, with the recent increase in demand for containerships, it had developed technologies to construct feeder vessels to match the physical constraints of the yard.
Knights of Old parent enters administration, but sister firm Nelson is saved
EXCLUSIVE: UPS rumoured to have eyes on DB Schenker
Maersk and Hapag-Lloyd offer their guides to 2024 ETS surcharges
Flexport fires CFO and HR VP, but sees need for a head of restructuring
'Peak season already over' as ocean freight rates collapse further
Manufacturing boom in India drives up intra-Asia freight rates
Rush for e-commerce capacity could trigger airfreight rate rise
Alex Lennane
email: [email protected]
mobile: +44 7879 334 389
During August 2023, please contact
Alex Whiteman
email: [email protected]
Alessandro Pasetti
email: [email protected]
mobile: +44 7402 255 512
Comment on this article