Pan Ocean has bought a large, secondhand bulker as it continues expanding its footprint in the dry cargo market, where it has already been chartering dozens of vessels.
The major South Korean shipowner has acquired the 207,000-dwt Fomento Two (built 2017) — a modern, scrubber-fitted newcastlemax — in a deal worth $60m, according to several brokers.
The buy comes after Tradewinds reported how the company chartered 45 bulkers during the first quarter alone, in expectation of improving dry bulk markets and limited tonnage supply.
Pan Ocean and the ship’s purported seller, Indian mining company Fomento Resources, did not respond to a request for comment.
However, the deal bears resemblance to another confirmed transaction for a Fomento sister ship earlier this year.
The 206,800-dwt Fomento One (built 2016) is trading as the Akadimos with its new owner, Evangelos Marinakis, who bought it for about $55m.
The sale price for both the Fomento One and the Fomento Two is said to include consideration for the remainder of ongoing charters with German shipping giant Oldendorff Carriers, pegged at 130% of the relevant Baltic index and expiring in the third quarter of 2025.
Goa-based Fomento describes itself on its website as “an alliance of companies in the mineral resource industry” dating back to 1957.
The company is headed by its managing director, Ambar Timblo, and its activities span exploration, excavation and mineral processing, pit-to-ship logistics operations, as well as international and domestic sales.
The company’s motives for selling the two newcastlemaxes are not clear. One likely explanation is their high valuation.
Fomento’s combined sale proceeds of $115m are not too far below the $138m that the Indian company is believed to have spent in 2014 to order the pair at DH Shipbuilding.
If Fomento has decided to divest its entire fleet, it would have another sister ship pair to offer: the 209,900-dwt Fomento Three (built 2018) and 210,000-dwt Fomento Four (built 2019).
Both vessels are also on time charters to Oldendorff and were ordered by Fomento at Japan Marine United.
Pan Ocean’s thirst for bulker tonnage invites parallels with HMM, another major South Korean owner with whom Pan Ocean was set to merge earlier this year.
However, a $4.8bn deal to bring the two companies together under the wings of the Harim Group, Pan Ocean’s controlling shareholder failed. Stand-alone HMM has bought up to eight bulkers on the secondhand market since, as part of grand expansion plans in the dry cargo business.
This is not the first time this year Pan Ocean has been reported acquiring newcastlemaxes.
In late March, brokers identified the company as the buyer of a trio allegedly sold by Sinokor Merchant Marine: the 209,200-dwt Atlantic Lion, Atlantic Dragon and Atlantic Tiger (all built 2020) for $213m in total.
No such deal took place, however, as Pan Ocean denied this information and the three ships are still listed with Sinokor to this day.
The company, which is led by chief executive Ahn Joong Ho, snapped up other modern bulkers instead. Fukujin Kisen’s 62,600-dwt World Crest (built 2020), has recently joined Pan Ocean as the Pan Sapphire.
The South Korean company has also emerged as the buyer of the 40,500-dwt Yasa Violet (renamed Pan Ruby, built 2024) — a newbuilding that Turkey’s Yasa Shipping flipped for a profit at $34m, right after taking delivery of the ship from Jiangmen Nanyang Ship Engineering in China.
Pan Ocean is making space for these modern ships by shedding some smaller and older tonnage.
Clients of little-known Greek company Roxette Maritime have emerged as new owners of two bulkers sold by Pan Ocean in the first quarter of the year for about $14m in total: the 33,300-dwt Pan Kristine (renamed Explor, built 2011) and the 56,900-dwt Pan Pride (renamed Pride, built 2011).
