Pan Ocean Secures $110M Three-Year VLCC Charter with Trafigura

## Pan Ocean Lands $110M VLCC Charter with Trafigura South Korea's Pan Ocean has secured a significant long-term tanker charter, fixing a Very Large Crude Carrier (VLCC) to Trafigura Maritime Logistics in a deal worth KRW 148.18 billion (approximately $109.6 million), according to Splash247. The Harim Group-controlled shipowner disclosed the agreement through a South Korean stock exchange filing, confirming the vessel is scheduled to commence operations on December 1 and will remain under Trafigura's control for a period of three years. ### Deal Significance The charter represents a notable commitment from one of the world's largest commodity trading houses, reflecting sustained appetite among major energy traders for long-term tonnage security in the VLCC segment. Three-year time charters at this value level signal confidence in crude oil transportation demand over the medium term. For Pan Ocean, the deal provides a substantial and predictable revenue stream, locking in earnings on a single vessel at rates that reflect the relatively firm VLCC market. The Harim-controlled owner has been active in expanding its tanker exposure alongside its core dry bulk operations. Trafigura Maritime Logistics, the shipping arm of the global commodities trader, regularly secures long-term tonnage to support its crude oil trading and logistics operations across key global trade routes. ### Market Context The VLCC market has experienced considerable volatility in recent years, shaped by shifting crude export patterns, OPEC+ production decisions, and evolving sanctions-related trade flows. Long-term charters of this nature are often viewed as a hedge against spot market uncertainty, benefiting both owners seeking earnings stability and charterers looking to control freight costs. The three-year duration of the fixture places the charter's expiry in late 2027, a period that many market participants anticipate will see continued structural shifts in global crude oil trade flows. *Source: Splash247*