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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| Pan Ocean Shipping, ramping up expansion! |
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Date:2024-08-07 Readers:
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South Korean shipowner Pan Ocean is stepping up its expansion.
According to a US brokerage report, Pan Ocean is to acquire the Newcastlemax bulk carrier Mineral Hiroshige (208,600 dwt, built in 2019) for USD 70 million.
If the deal is confirmed, it will be the second Newcastlemax bulk carrier acquired by the company in a short period of time.
A week ago, Trans Ocean Shipping was reported to have acquired the Fomento Two (207,000 dwt, built 2017), which was fitted with a desulphurisation tower, for $60 million. The company then indirectly confirmed the acquisition in its investor relations report for the second quarter, released on 1 August, stating that it had recently acquired a 207,000 dwt capesize bulk carrier on the second-hand market, to be delivered in November.
In fact, Pan Ocean Shipping not only increased its acquisition of Newcastlemax bulk carriers, but also confirmed that six Ultramax newbuildings were under construction, up from the four disclosed in its report three months ago. The company did not disclose the shipbuilders for the two newly signed 64,000 tonne newbuildings, but expects them to be delivered in October 2027 and January 2028 respectively.
Dry bulk carriers are at the forefront of Pan Ocean Shipping's extensive expansion programme, with other shipping segments expanding in tandem. Pan Ocean Shipping's shipbuilding programme includes nine LNG carriers to be delivered in 2024 and 2025 from yards controlled by Hanwha Marine and HD Hyundai Heavy Industries. The vessels have long-term charters with Shell and Korea Green LNG. The company is also building six 50,000-tonne MR tanker newbuildings for delivery in 2025 and 2026 at Hyundai Mipo Shipyard and Hyundai Vietnam.
Under the leadership of CEO Ahn Joong Ho, Trans Ocean Shipping has seen rising profits. The company has 109 owned vessels and 149 chartered-in vessels, including dry bulk carriers, tankers, LNG carriers and container ships. In the second quarter net profit rose 19 per cent year-on-year to 109.6 billion won ($79.9 million).
Under guidance through 2026, Pan Ocean Shipping's majority shareholder, Harim Holdings, which holds a 54.7 percent controlling stake in the company, can expect to receive a dividend of 15 percent to 25 percent of net profit. This reflects Trans Ocean's decision to ‘reward shareholders in a reasonable and balanced manner to secure investment resources and maintain the robustness of the financial structure’ as stated in its investment release.
Trans Ocean Marine has demonstrated its ambition by diversifying its fleet and expansion plans. From dry bulk carriers to LNG carriers to tankers, TOCL is not only expanding its fleet size but also enhancing its competitiveness in the market. The company ensures the economic benefits of newbuilding by signing long-term charters with renowned companies, a strategy that will effectively reduce the risks associated with market fluctuations and enhance profitability.
Meanwhile, Pan Ocean Shipping's shareholder return strategy also shows its balance between expansion and robustness. By appropriately distributing profits, the company ensures shareholders' returns while providing sufficient financial support for future investments. This two-pronged strategy will help Pan Ocean Shipping to occupy a more favourable position in the global shipping market.
In the coming years, with the successive delivery of newbuildings, the fleet size and market influence of Trans Ocean Shipping will be further enhanced. With its forward-looking strategic layout and sound financial management, TOCL will continue to be an important force in the global shipping industry.
https://www.cnss.com.cn/html/hyqy/20240807/354281.html
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