Pan Ocean has signed a long-term maritime crude oil transport contract worth 2.4712 trillion KRW with SK Energy and SK Incheon Petrochem.

Pan Ocean announced on the 19th that it had entered into a long-term freight transport contract with SK Energy and SK Incheon Petrochem as the counterparties. The contract amount is 2,471,180,033,890 KRW, equivalent to 45.5% of the consolidated projected revenue of 5,432,888,225,674 KRW for 2025.

Deployment of Four Very Large Crude Carriers (VLCCs) This contract involves deploying four VLCCs to transport crude oil by sea on routes including between the Middle East and South Korea. The base contract period is 20 years, running from September 15, 2029, to September 15, 2049. However, the contract start date is based on the day following the scheduled delivery date of the first deployed vessel, and both the start and end dates may change depending on the actual vessel delivery timing.

Basis for Calculating Contract Amount and Possibility of Fluctuation No down payment or advance payment was reported. The company explained that the contract amount was calculated by applying the contract unit price to the expected transport volume over the contract period, yielding approximately 1.622 billion USD, which was then converted at KEB Hana Bank's initial exchange rate on June 19, 2026 (1 USD = 1,523.40 KRW). It also noted that the actual contract amount may fluctuate depending on future factors such as exchange rates, oil prices, benchmark interest rates, and annual inflation rates.

Meanwhile, this contract is a business linked to the new facility investment publicly announced by Pan Ocean in May.