Pan Ocean has increased its exposure to the dry cargo spot market after chartering an additional 45 bulkers during the first quarter.

South Korea’s largest shipowner chartered in an extra 27 handymaxes, nine handysize bulkers and nine capesize bulkers, according to its latest investor relations presentation.

Pan Ocean, the fifth-largest bulker owner in the world, now has a dry bulk fleet of 240 vessels — 76 owned and 164 chartered in.