Bulker Life Extension To Be Performed By Hyundai Mipo

South Korean bulk transport company Pan Ocean Shipping Co. Ltd.

has begun a life extension program of its Cape-size bulk carrier and OBO fleet in response to a growing concern over the number of losses of this type vessel in recent years.

One of the company's vessels, the 123,745-dwt, 1970-built Daeyang Honey, recently entered the Ulsan, South Korea, shipyard of Hyundai Mipo Dockyard (HMD) for extensive steel renewal work on her hull and holds.

A spokesman for Pan Ocean said that at least two other bulk vessels will undergo similar work later this year.

Pan Ocean operates 10 vessels ranging in size from 100,000 to 245,000 deadweight tons, all of which were built between 1968 and 1988. The fleet is operated in the expanding iron ore and coal trades between Australia and South Korea.

"It is because of our heavy involvement in this trade that we are taking the life extension decision," said a company spokesman.

Pan Ocean, unlike other operators in the market with comparably aged fleets, has been reluctant to order new Cape-size tonnage.

Last year, the company posted a profit between $5 million and $6 million, similar to 1990 levels but substantially lower than 1989's level of $18 million.

Maritime Reporter Magazine, page 30, Mar 1992

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