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.

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)...