Pan Ocean orders two new capesize bulkers

The shipowner said the purpose of the investment is to “secure vessels for cargo contracts”.

The pair of new capesize vessels are expected to be delivered to Pan Ocean by 30 November 2016. Pan Ocean did not disclose the name of the shipbuilder.

Pan Ocean, formerly known as STX Pan Ocean, went into receivership last year due to its severe financial troubles. Recently, Western Bulk announced that it has gained $12m in cash by selling off its claim against Pan Ocean to a third party.