Restructured South Korean shipowner Pan Ocean is putting itself up for auction in a deal that could see it sold for up to $660m. Korean’s largest bulker owner Pan Ocean said in a Korea stock exchange announcement it had received court approval for the move and placed a sales notice in Korean newspapers on Wednesday. Potential bidders will conduct due diligence from 10 November to 28 November, with binding offers due in by 11 December, the notice said.
Pan Ocean Buyers will be eyeing its fleet of 90 vessels, including an LNG carrier, two heavy deck cargo ships, a range of bulkers including 7 massive Valemax ore carriers and 14 products tankers. It has 4 bulkers on order for delivery in 2016.
Pan Ocean sealed its rebirth last November with a huge $1.17bn debt-for-equity swap that saw lenders take over the company.
Dry Bulk Shipping News - Shipbroker Notes