South Korea’s Pan Ocean has expanded its newbuilding programme by exercising options for two additional newcastlemax bulk carriers at Qingdao Beihai Shipbuilding.

The Harim Group-controlled shipowner confirmed in a filing that the additional vessels will cost about KRW228bn in total, or roughly $77m per ship.

The latest deal follows an initial order for two 211,000 dwt newbuilds placed earlier this year. With the options now exercised, Pan Ocean’s order at the Chinese yard has grown to four ships with a combined value of around $308m.

The first pair of vessels is scheduled for delivery by the end of October 2030, while the newly ordered ships are expected to follow by the end of March 2031.

The newcastlemax design will be prepared to run on alternative fuels such as LNG or ammonia, the company said.

The move continues Pan Ocean’s fleet expansion strategy as the company strengthens its presence in the large bulker segment. The diversified owner currently operates more than 80 ships, with dry bulk remaining its core business and accounting for roughly 60% of overall operations.

Earlier this year Pan Ocean also moved to grow its tanker exposure by acquiring 10 VLCCs operated by SK Shipping in a deal worth close to $700m.