Hahn & Co Sells 10 SK Shipping VLCCs and Long-Term Cargo Contracts to Pan Ocean (KRW 973.7bn)
February 12, 2026
Hahn & Co is transferring a package of 10 VLCCs from SK Shipping to Pan Ocean for about KRW 973.7bn, and the long-term cargo transportation contracts tied to those ships are also moving to the buyer. That makes this more than a secondhand sale print: it is capacity plus contracted employment changing hands, with Pan Ocean effectively taking over a working crude transport lane along with the vessels.
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VLCC package transfer in one read
Pan Ocean disclosed it will acquire 10 VLCCs from SK Shipping for about KRW 973.7bn. Public summaries describe these as VLCCs deployed under long-term cargo transportation contracts with major domestic shippers, and those contracts are also transferring to Pan Ocean as part of the transaction.
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Moving
The deal is described as ships plus the contracted crude transportation workstream that sits behind utilization, rather than ships sold without employment attached. -
KRW 973.7bn number stands out
The headline per-ship division is an easy reference, but observers treat it as a bundled package print because contract rights and obligations are included with the vessels. -
Market Anticipation
Follow-on disclosures that clarify closing timing and the depth of contract coverage are typically what turns a headline package value into a firmer benchmark for contract-attached tanker assets.
Bottom Line Impact
This is a clean example of "tonnage with attached cashflow" changing hands in a single package. For owners and investors watching Korean tanker platforms, the headline number becomes a reference point precisely because the ships are described as coming with long-term cargo contracts already in place.
This is a clean example of "tonnage with attached cashflow" changing hands in a single package. For owners and investors watching Korean tanker platforms, the headline number becomes a reference point precisely because the ships are described as coming with long-term cargo contracts already in place.
Hahn & Co sells 10 SK Shipping VLCCs with long-term cargo contracts to Pan Ocean
KRW 973.7bn package transfer: vessels plus the associated long-term crude cargo transportation contracts
| Fast fact | Transferring | How the contracts change the nature of the sale | Price anchors people will quote | Closest watchers |
|---|---|---|---|---|
| 10 VLCCs, KRW 973.7bn |
Pan Ocean disclosed it will acquire 10 VLCCs from SK Shipping for about KRW 973.7bn.
The ships are described as deployed under long-term cargo transportation contracts, which will also transfer to Pan Ocean.
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This is a bundled handover of operational capacity plus contracted employment, not vessels sold without a job attached.
In practice, the buyer takes over a working crude transport stream and its service obligations alongside the ships.
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Simple division implies about KRW 97.37bn per ship as a headline reference.
Market talk tends to treat this as a package print, not a pure hull value print, because contracts are included.
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VLCC owners benchmarking Korean platform moves, chartering desks focused on term lanes, and lenders who underwrite contracted shipping cashflows. |
| Contracts move with assets |
The long-term cargo transportation contracts tied to these VLCCs are described as part of the transaction and will transfer.
Public summaries describe the counterparties as major domestic shippers.
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The buyer is not only buying tonnage, it is buying into an employment profile that is already placed.
That is why this kind of deal often trades and compares differently than open-market secondhand ship sales.
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The comp many will build is "ship value plus remaining contracted economics" rather than ship value alone. | Investors tracking contract-backed shipping assets, plus operators who compete for long-term crude transport commitments. |
| Strategic operator adds lane |
Pan Ocean expands controlled VLCC capacity through an acquisition that arrives with employment attached.
This aligns with disclosures that the assets were already working under long-term arrangements.
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Contract transfer reduces the usual gap between "buy ships" and "secure cargo," because both move together.
Operational transition still matters, but the employment side is not starting from zero.
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Readers will watch for any further disclosures on closing timing and whether additional SK Shipping divestments follow. | Shippers involved in the lane, vetting and HSE stakeholders, and transition teams focused on continuity. |
| Capital allocation signal |
Reporting indicates SK Shipping plans to use roughly KRW 1tn of proceeds to fund new growth initiatives.
That frames this as a portfolio move, not only an asset sale.
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The sale effectively monetizes a contracted VLCC block and transfers the related execution role to Pan Ocean. |
Another anchor that gets repeated is that the ships were in long-term cargo contracts and those contracts will transfer.
That detail is what makes this deal stand out in valuation discussions.
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Korean shipping investors, platform strategists, and anyone comparing contract-heavy assets versus spot-exposed fleets. |
| Context: post-2018 shift |
Since its 2018 acquisition of SK Shipping, Hahn & Co has been described as shifting the business toward long-term contracts and away from spot volatility.
This divestment sits inside that broader reshaping narrative.
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The key feature in this transaction is that the long-term contracts are explicitly part of the transfer. | People will also cite the disclosed operating performance improvements after the 2018 buyout when discussing the platform story. | Private capital owners with shipping platforms, plus operators scanning for contract-attached fleet blocks. |
Deal mechanics snapshot
Public disclosures frame this as a transfer of working VLCC capacity plus the long-term cargo transportation contracts that sit behind utilization.
Headline numbers
10VLCCs
KRW 973.7bndisclosed consideration
Includedlong-term cargo contracts
The buyer and price were disclosed in Korean reporting, including that the vessels were in long-term cargo transportation contracts and those contracts will transfer to Pan Ocean as part of the deal.
What moves together
Ships
10 VLCC hulls
Employment
Long-term cargo contracts
Execution
Operator handover
Lane
Crude transport stream
The news hook is the bundling. The contracts are described as transferring with the ships, which is the key differentiator versus a conventional secondhand sale.
Two reference anchors people will keep repeating
News tracker: what follow-on details would firm up the picture
Closing timing
Any disclosed schedule for transfer and handover, including staged delivery or conditions.
This is often the next detail that determines when the package becomes an active market print.
Contract coverage
Any disclosed remaining term, volume structure, or renewal framework for the cargo transportation contracts.
Coverage detail is what lets observers separate hull value talk from contract economics talk.
Operational continuity
Any stated plan for technical management, crewing, and vetting continuity during the transition.
Even when contracts transfer, continuity is the practical requirement for the earnings lane to keep running.
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