Pan Ocean Secures VLCC Long-Term Charter with Trafigura | Mariner News

Pan Ocean has secured a long-term charter for a Very Large Crude Carrier (VLCC) with Trafigura Maritime Logistics Pte Ltd., a move that ensures continuity of employment and stable revenue visibility for the asset.

This contract reinforces Pan Ocean’s presence in crude oil transportation across its Middle East, Asia, and global routes. The deal, valued at approximately KRW 148.2 billion, covers a minimum of 36 months of charter, commencing December 1, 2026, with an option to extend up to 39 months.

Significantly, this agreement replaces an existing charter, underscoring Pan Ocean’s success in retaining high-value business relationships with major commodity traders and securing consistent utilization for its tonnage.

Securing a multi-year fixture of this nature provides Pan Ocean with a predictable revenue stream, accounting for 2.73% of its latest annual consolidated sales, categorized as a material but manageable expansion. This long-term commitment mitigates market risk for the vessel, hedging against potential fluctuations in the volatile crude tanker spot market.

For Trafigura, the renewed long-term commitment to dedicated VLCC tonnage signals their sustained strategic requirement for owned or controlled capacity to support extensive global crude trading operations. While the contract ensures stable earnings for Pan Ocean, the overall proceeds remain sensitive to future exchange rates and any exercise of the charter extension option.