Pan Ocean Becomes Second Largest Shareholder of US EGT Grain Terminal... Grain Business Competitiveness Increases

Equipped with Annual Grain Distribution Facilities of 9 Million Tons

[Asia Economy Reporter Yoo Je-hoon] Pan Ocean announced on the 14th that it has acquired all shares (36.25%) of the U.S. company EGT held by Itochu International. With this, Pan Ocean has secured the position of the second-largest shareholder in the EGT joint venture along with the U.S. shipping company, enhancing its competitiveness in the grain business.

According to Pan Ocean, the EGT grain terminal located at Longview Port in Washington State, USA, has a storage capacity of approximately 560,000 cubic meters and is equipped to handle 9 million tons of grain annually.

Pan Ocean views this share acquisition as an opportunity to establish recognition in the international grain distribution market. In particular, it expects to diversify its grain portfolio beyond primarily domestic corn sales and to pursue entry into new markets.

A Pan Ocean representative stated, "As the largest grain shipping company in Korea with world-class standards, we anticipate strengthening our grain trading business capabilities and increasing synergy with our group companies through this business expansion. We will strive to enhance our status as a native grain trader by diversifying the types of grains handled and pioneering new markets, while simultaneously reinforcing grain transportation sales capabilities and improving operational efficiency in the U.S. West Coast region."