The latest order takes Pan Ocean’s newbuilding programme at Beihai to seven large vessels, covering Newcastlemax bulkers and VLCCs

CSSC Qingdao Beihai Shipbuilding has secured another VLCC order from South Korean shipowner Pan Ocean, further expanding a relationship that has moved quickly from large bulk carriers into crude tankers.

Beihai Shipbuilding, together with China Shipbuilding Trading, recently signed a contract with Pan Ocean for two 319,000-dwt very large crude carriers. The deal follows an earlier contract signed in March this year for one VLCC of the same type.

With the latest order, Pan Ocean now has three 319,000-dwt VLCCs on order at Beihai. According to Beihai Shipbuilding, the owner currently has four 210,000-dwt bulk carriers and one VLCC under construction at the yard. The newly signed two VLCCs bring Pan Ocean’s total newbuilding commitment at Beihai to seven vessels: four Newcastlemax bulkers and three VLCCs.

The order marks another step forward for Beihai’s “Venus” series VLCC design and underlines the yard’s growing position in the mainstream large tanker market.

A repeat order for Beihai’s VLCC design

The VLCCs ordered by Pan Ocean are part of Beihai Shipbuilding’s in-house developed “Venus” series of liquid cargo carriers. The vessel has an overall length of 339.5 metres, a beam of 60 metres and a deadweight of 319,000 tonnes.

The design is fitted with energy-saving devices and has been developed with an ammonia-ready notation. It can be upgraded in the future with two 6,000-cbm ammonia fuel tanks, giving the ship a pathway for lower-carbon operation if ammonia fuel becomes commercially available and technically mature for deepsea tanker use.

The ship type is designed to comply with the latest CSR requirements, OCIMF standards and oil major requirements. It also meets IMO Tier III emission standards and Phase III of the Energy Efficiency Design Index.

For Beihai Shipbuilding, the significance of the latest order is not only the addition of two VLCCs. More importantly, it is a repeat order from the same owner within a short period of time. That points to Pan Ocean’s confidence in the yard’s design capability, construction quality, delivery assurance and project execution.

Pan Ocean’s Beihai orderbook is expanding

Pan Ocean’s relationship with Beihai Shipbuilding has accelerated this year.

The South Korean owner had already placed four 210,000-dwt Newcastlemax bulk carriers at the yard. These vessels sit naturally within Pan Ocean’s traditional dry bulk business, which remains the company’s core operating segment.

The cooperation then expanded into tankers.

On 31 March this year, Beihai Shipbuilding and China Shipbuilding Trading signed a contract with Pan Ocean for one 319,000-dwt ammonia-ready VLCC. That order marked an important move by Pan Ocean to bring Chinese shipbuilding capacity into its latest VLCC expansion programme.

The latest two-ship VLCC contract now gives Pan Ocean a more balanced newbuilding portfolio at Beihai: four Newcastlemax bulkers and three VLCCs. The relationship is therefore no longer limited to dry bulk tonnage. It has become a broader large-vessel partnership covering both bulk carriers and crude tankers.

Pan Ocean is building a much larger VLCC platform

Pan Ocean is one of South Korea’s major shipping companies and has historically been best known for its dry bulk operations. In recent years, however, the company has been moving more decisively into the crude tanker sector.

That expansion has been driven by a combination of factors: a stronger tanker market, changing global crude trade flows, the need for long-term energy transport security, and opportunities to secure employment against long-term contracts with Korean energy companies.

Pan Ocean’s VLCC expansion is taking place on several fronts.

The first is newbuilding investment. In 2025, Pan Ocean ordered two eco-type VLCCs at HD Hyundai Heavy Industries. In March 2026, it added one ammonia-ready VLCC at Beihai Shipbuilding. In May, the company disclosed an investment of around KRW 783.4bn for four additional VLCCs, with market reports indicating that the order was placed at Hanwha Ocean. The latest two VLCCs at Beihai further expand this newbuilding pipeline.

The second is long-term employment. Pan Ocean has signed long-term crude oil transportation contracts with SK Energy and SK Incheon Petrochem. Four newbuilding VLCCs are expected to serve these contracts over a period of 20 years. Such long-term coverage provides stronger cashflow visibility and helps support large-scale vessel investment.

The third is second-hand acquisition. Earlier this year, Pan Ocean announced the acquisition of 10 VLCCs from SK Shipping in a transaction valued at close to $700m. Once completed, that deal will materially increase Pan Ocean’s exposure to the crude oil shipping market.

Seen in this wider context, the latest two VLCCs ordered at Beihai are part of a broader strategy. Pan Ocean is using a combination of newbuildings, second-hand acquisitions and long-term contracts to build a larger and more resilient tanker platform.

Beihai becomes Pan Ocean’s key Chinese yard partner

From the publicly reported newbuilding activity this year, Beihai Shipbuilding has become the main Chinese yard involved in Pan Ocean’s expansion.

The seven vessels now linked to Pan Ocean at Beihai cover both sides of the owner’s current fleet strategy: dry bulk, where Pan Ocean already has a long-established operating base, and crude tankers, where it is now moving more aggressively.

For Chinese shipbuilders, the order is also notable. Chinese yards have long been highly competitive in bulk carriers, containerships and a wide range of conventional commercial tonnage. VLCCs, however, remain a higher-value and technically demanding segment, where repeat orders from major international shipowners carry particular market significance.

Beihai Shipbuilding has built its reputation in large dry bulk vessel types, including Newcastlemax bulkers and very large ore carriers. The repeated VLCC orders from Pan Ocean show that the yard is also gaining traction in large liquid cargo carriers.

The timing is also important. In 2026, the global tanker market has remained active, and shipowners have continued to show interest in high-performance, fuel-efficient and future-ready VLCC designs. An ageing global VLCC fleet, stricter environmental requirements and longer-haul crude trades are all encouraging owners to reconsider fleet renewal and long-term asset positioning.

Against that background, Beihai’s latest VLCC order from Pan Ocean is more than a single contract win. It is a sign that the yard’s “Venus” VLCC design is gaining recognition from mainstream international owners, and that its tanker product line is moving further into the global market.

For Pan Ocean, the three VLCCs at Beihai will add to a fast-growing crude tanker platform. For Beihai Shipbuilding, the repeat order strengthens its position in one of the most strategically important segments of the large commercial shipbuilding market.