Pan Ocean orders 2 super handymax bulkers

Pan Ocean Shipping Co., Ltd. announced Nov. 14 that they placed an order for two 52,000-dwt super handymax bulkers to Hyundai Mipo Shipyard.

These two ships will be delivered in January and March 2001, respectively.

An official from Pan Ocean Shipping said, "These two new ship building orders were a part of the acquisition of economical vessels according to our company's mid-term management plans. We will keep going to add 52,000-dwt vessels, making our main fleet of bulkers."

These vessels will be built on the basis of bareboat charter (BBC) and money for building will be supplied from foreign financial systems. This is the first shipping building money from abroad since the financial crisis in 1997.

Pan Ocean Shipping evaluated these fund loans as obvious evidence that Pan Ocean Shipping's management is acknowledged by financial markets.