Tuesday, June 6, 2023
HomeDry CargoPan Ocean to expand fleet to 300 carriers

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Pan Ocean to expand fleet to 300 carriers

South Korea’s dominant bulk carrier Pan Ocean Co. will enlarge its fleet to 300 carriers to meet the rapidly growing bulk demand across the world.

The bulker at an investor relations event held overseas recently revealed its plan to expand its fleet to 300 vessels this year. The shipper is currently operating 293 bulk carriers after securing additional 76 vessels from January to June this year. It also plans to expand charter contracts.

Pan Ocean is chartering 191 bulk carriers, or roughly two-thirds of its fleet under operation, versus 121 chartered at the end of last year. The number of bulk carriers chartered for 1 year or longer jumped to 34 from four last year.

The bulk carrier is rapidly expanding operation to capitalize on the favorable market growth prospects.

The Baltic Dry Index, tracking average prices paid for the transport of dry bulk materials across 20 routes, reached 4,235 points last Friday, the highest in 11 years, after gaining 3.5 percent in a week. The index broke above 4,000-mark earlier this year for the first time since June 2010.

Market analysts forecast the index to extend rally amid strong demand for ferrying dry bulk commodities and shipping constraints in China due to conflict with Australia over coal trades.

“Shipping demand for bulk is expected to continue through next year as orders to build new bulk carriers have been slow in comparison with container ships,” said Choi Go-woon, analyst at Korea Investment & Securities.

Market analysts estimate Pan Ocean’s third-quarter earnings to exceed 112.0 billion won ($96.3 billion) operating income registered for the April-June period. The last time the bulk carrier made more than 100 billion won from operation was in fourth quarter 2008.

On Tuesday, Pan Ocean shares gained 0.48 percent to close at 8,310 won.

Source: Pulse

Related Posts

Video

Finance & Economy
Shipping News
Ports

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...