Pan Ocean on the Auction Block

SEOUL, Oct 1 (Reuters) - South Korea's largest bulk shipper Pan Ocean Co Ltd has been put up for auction, according to a sales notice on Wednesday, becoming the latest asset to be sold by a mid-tier conglomerate which collapsed after an ill-fated expansion drive. The shipper is likely to sell for around 600 billion to 700 billion won ($570 million to $660 million), the Korea … [Read more...]

Pan Ocean Orders Capes

Singapore-listed Pan Ocean Co. Ltd placed an order today with an undisclosed shipyard for two new Capesize bulk carriers for a total consideration of KRW 57.4 billion (USD $56 million) each. The purpose of the investment, according to the exchange filing, is "in order to secure vessels for cargo contracts." The vessels are scheduled to be delivered by November 2016. … [Read more...]