PANASIA

What PANASIA does

PANASIA Co., Ltd. is a Busan, South Korea-based maritime environmental equipment specialist founded in 1989 that designs and manufactures systems enabling commercial vessels to comply with IMO environmental regulations. Its portfolio spans five product families: Emission Control (scrubbers, SCR De-NOx systems under the PaNOx™ brand, Onboard Carbon Capture Systems, iCER exhaust recirculation, Continuous Emission Monitoring), Fuel Supply Systems (FGSS for LNG, LFSS for methanol, AFSS for ammonia, Ammonia Cracking Systems for hydrogen extraction), Eco Solutions (Organic Rankine Cycle waste heat recovery, Alternative Maritime Power, N₂ generators, and the flagship GloEn-Patrol™ Ballast Water Treatment System using filter plus medium-pressure UV sterilization), Measurement & Control instrumentation, and MRO Services including Pan-Hawk remote HD maintenance, MSCS satellite monitoring, and retrofit total-solution delivery via the PANASIA E&S subsidiary.

The company sells primarily through direct enterprise sales to major global shipbuilders — Hyundai Heavy Industries, Samsung Heavy Industries, Hanwha Ocean, STX, DSME — and to shipowners/operators (HMM, Seadrill, Statoil, Atlanship) through fleet contracts and retrofit engagements, supplemented by a distributor network spanning 35 countries and offices in China, Japan, the Netherlands, and the United States. Revenue is generated mainly via one-time equipment sales on a project-quoted basis (BWTS units historically priced at approximately $500K–$600K each), supplemented by professional services for retrofits, training, and aftermarket support.

PANASIA holds approximately 230 patents globally and was ranked #1 in global ballast water treatment system market share by 2013, following the 2010 commercial launch of GloEn-Patrol™. The business is privately held and founder-controlled by Chairman Lee Su-tae, with Representative Director Lee Min-gul leading operations. The company has been expanding from its BWTS core into next-generation decarbonization technologies — ORC waste heat recovery, onboard carbon capture, ammonia fuel systems, and hydrogen extraction — via strategic partnerships with WinGD, HMM, Samsung Heavy Industries, and VINSSEN, positioning for the IMO carbon intensity regime taking effect through the late 2020s.

Name

PANASIA

Legal name

(주)파나시아

Website

https://worldpanasia.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

PANASIA is a Busan, South Korea-based maritime environmental equipment manufacturer that supplies ballast water treatment systems, emission reduction systems, fuel supply systems, and waste heat recovery solutions to major global shipbuilders and shipowners for IMO regulatory compliance.

Ownership category

akta.pro rank

Product category

Marine Environmental Equipment

NAICS

Ship Building and Repairing (336611), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512)

SIC

Misc Industrial & Commercial Machinery & Equipment (3590), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Retrofits & Modernization (Scrubbers, Ballast Water, Alternative Fuels, Energy-Saving Devices) (IMAJAFAH)

akta.pro secondary industries

Retrofits, Upgrades & Compliance Conversions (Scrubbers, BWTS, Alternative Fuels, Energy-Saving Devices) (TLAHAMAI), Emissions Controls & Environmental Retrofit Services (SCR/FGD/ESP, CEMS) (EUAEALAL), Fuel & Emissions Systems for Propulsion (Fuel supply, SCR, EGR, exhaust aftertreatment) (IMAJAHAK)

Keywords

• Ballast water treatment systems
• Marine emissions control
• Ship scrubber systems
• Marine fuel supply systems
• Maritime measurement instrumentation

Headquarters

HQ city

Busan

HQ country

South Korea

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Equipment Sales — Ballast Water Treatment Systems (BWTS): Sale of GloEn-Patrol™ and GloEn-Patrol™ GII/GIII systems for newbuild and retrofit vessels. Revenue is recognized upon delivery and installation. Represents the largest revenue stream, with approximately 450 confirmed orders and 520 including options as of 2013.
2. Equipment Sales — Emissions Reduction Systems: Sale of scrubbers, De-NOx SCR systems (PaNOx™), OCCS, and iCER to shipyards and ship owners for compliance with IMO environmental regulations (Tier III, SOx, carbon capture).
3. Equipment Sales — Fuel Supply & Measurement Systems: Sale of FGSS (LNG fuel supply), LFSS (methanol), AFSS (ammonia), ACS (ammonia cracking for hydrogen), cargo monitoring, tank gauging, alarm, and gas detection systems to shipyards and maritime operators.
4. MRO Services and Retrofit Projects: Maintenance, repair, and retrofit services including Pan-Hawk remote maintenance, MSCS satellite monitoring, retrofit project total solutions (PSRS — Pit Stop Retrofit Service covering engineering, procurement, construction, commissioning, and post-delivery management). Revenue recognized per project/service engagement.
5. E-learning and Training Services: Online and offline product training programs provided to customers and partners globally.
6. Alternative Maritime Power (AMP): Shore power supply systems enabling ships docked at ports to receive electrical power from land rather than running auxiliary engines, reducing port emissions.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

PANASIA designs, manufactures, and supplies environmental and energy equipment for commercial ships, including UV-based ballast water treatment systems (GloEn-Patrol), emissions control systems (Scrubber, SCR/PaNOx, OCCS, iCER), alternative fuel supply systems (FGSS for LNG, LFSS for methanol, AFSS for ammonia, ACS ammonia cracking), waste heat recovery (ORC), and shipboard measurement & control instrumentation. The company also delivers retrofit engineering services, remote maintenance, and after-sales support through its global service network of 35 countries.

Product overview

PANASIA is a global eco-friendly and energy system expert offering a comprehensive portfolio of maritime environmental solutions. The product portfolio spans five main categories: Emission Control (Scrubber, SCR, OCCS, iCER, CEMS), Fuel Supply Systems (FGSS, LFSS, AFSS, ACS), Measurement & Control (Cargo Monitoring, Tank Level Gauging, Alarm, Gas Detection, Gauge, Transmitter & Switch), Eco Solutions (ORC, AMP, N₂ Generator, BWTS), and MRO Services (Pan-Hawk, Retrofit, E-learning, MSCS, Chat Bot, MRO). The company specializes in helping vessels meet environmental regulations through technologies like ballast water treatment, exhaust gas emission reduction, waste heat recovery, and alternative fuels. PANASIA's GloEn-Patrol™ is a flagship UV sterilization-based ballast water treatment system that has achieved market leadership. The recent addition of an AI-powered chatbot demonstrates the company's move toward digital and智能化 solutions for the maritime industry.

Differentiator

Problem solved

Functional benefit

Brands

• GloEn-Patrol™: UV-based Ballast Water Treatment System (BWTS) for ships, using filter and ultraviolet sterilization technology to treat ballast water before discharge.
• GloEn-Patrol™ GII (Generation II)
• GloEn-Patrol™ GIII (Generation III)
• PaNOx™
• PanX™
• LEVEL3000™

Products and services

• Ballast Water Treatment System (BWTS / GloEn-Patrol™) UV-based ballast water treatment system using Multi-Cage Screen filtration plus medium-pressure UV sterilization, delivering 100% physical treatment with no chemical by-products. Available in GII (Generation II) and GIII (Generation III with MEGA Filter and MEGA UV Unit). Designed for shipbuilders and ship owners needing IMO BWM Convention compliance.
• Scrubber Air emission reduction system that removes sulfur oxides (SOx) from exhaust gases produced during combustion, enabling vessels to comply with IMO SOx regulations. Designed for shipbuilders, ship owners, and offshore operators.
• SCR (Selective Catalytic Reduction / PaNOx™) Selective Catalytic Reduction system that decomposes and reduces nitrogen oxides (NOx) in exhaust gases into harmless water (H₂O) and nitrogen (N₂). PaNOx™ achieves up to 90% NOx reduction for marine engines and land-based power plants. Designed for shipbuilders, ship owners, power utilities, and EPC contractors.
• OCCS (Onboard Carbon Capture System) System that captures carbon dioxide (CO₂) from exhaust gases emitted by vessels, supporting compliance with IMO carbon reduction mandates. Designed for shipbuilders and ship owners requiring carbon capture capability.
• iCER (intelligent Control by Exhaust Recycling) Technology that recirculates a portion of ship engine exhaust gas to reduce NOx emissions and improve combustion efficiency. Combined with VCR (Variable Compression Ratio) in the WinGD X-DF2.0 upgrade, reduces methane slip to approximately 0.7% of fuel gas volume.
• CEMS (Continuous Emission Monitoring System) Real-time system that measures and records gas concentration and emission levels for ships and industrial sites, supporting compliance reporting. Designed for ship operators and industrial facilities.
• FGSS (Fuel Gas Supply System) Supply system for using LNG gas as ship fuel, available in HP (high pressure) and LP (low pressure) types based on engine model. Designed for shipbuilders building LNG-fueled vessels.
• LFSS (Methanol Fuel Supply System) System that vaporizes and supplies methanol as ship fuel in a stable manner. Designed for shipbuilders building methanol-fueled vessels.
• AFSS (Ammonia Fuel Supply System) Fuel supply system for using liquefied ammonia as ship fuel, supporting next-generation zero-carbon propulsion. Designed for shipbuilders and ship owners building ammonia-fueled vessels.
• ACS (Ammonia Cracking System) System that extracts hydrogen through ammonia cracking and produces electricity for ships using fuel cell systems and power storage devices. Designed for zero-carbon propulsion systems on large vessels.
• ORC (Organic Rankine Cycle) Waste Heat Recovery System Eco-friendly power generation system that produces electricity using low-temperature waste heat from engine exhaust gases or cooling water. Designed for ship owners and operators seeking energy efficiency gains and CO₂ reduction.
• AMP (Alternative Maritime Power) Shore power system that supplies electricity from land to ships while docked, allowing them to shut down auxiliary engines and reduce port emissions. Designed for port authorities, terminals, and ship operators.
• N₂ Generator Onboard device that produces nitrogen for fire prevention, cargo protection, and purging without external nitrogen supply. Designed for shipbuilders and operators of tankers and cargo vessels.
• Cargo Monitoring System System that accurately measures and monitors liquid level, temperature, and pressure in tanks, with alarm functions. Designed for tanker operators and shipbuilders.
• Tank Level Gauging System System that accurately measures and transmits tank and draft status on vessels to improve operational safety and efficiency. Designed for shipbuilders and ship operators.

Quantifiable outcome

• GloEn-Patrol™ GIII achieves 44.5% installation footprint reduction and 45% power consumption improvement compared to previous generation
• +8 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature11 records

Partnerships

Eight partnerships are on record, tiered core, minor and regional.

• Korean Shipbuilders and Shipping Companies (OCCS Consultative Body)coreStrategic or Co-development Partner · 14 April 2026South Korea's Ministry of Oceans and Fisheries established a consultative body for Onboard Carbon Capture Systems (OCCS) bringing together major Korean shipbuilders, shipping companies, and research organizations including HMM, Samsung Heavy Industries, Hanwha Ocean, and others to align domestic OCCS technology with IMO global standards. PANASIA is a key player in this initiative developing OCCS technology.
• HMM (한국해운)coreStrategic or Co-development Partner · 17 December 2025HMM, Samsung Heavy Industries, and PANASIA signed an MOU on December 17 at Samsung Heavy Industries' Pangyo R&D Center to conduct a full-scale marine demonstration of an Organic Rankine Cycle (ORC)-based Waste Heat Recovery (WHR) system on a real vessel. The demonstration aims to verify energy-efficiency gains and CO2-reduction performance of the ORC technology in maritime operations.
• Samsung Heavy Industries (삼성중공업)coreStrategic or Co-development Partner · 17 December 2025Partner in the ORC waste heat recovery system marine demonstration alongside HMM and PANASIA. Provides Pangyo R&D Center as the venue for the MOU signing and supports demonstration vessel operations.
• WinGD (윈지디)coreStrategic or Co-development Partner · 5 November 2025PANASIA and WinGD signed a frame agreement to upgrade existing X-DF dual-fuel LNG engines with the latest emission reduction and fuel efficiency technologies. PANASIA is the exclusive supplier, providing iCER (intelligent Control by Exhaust Recycling) technology and VCR (Variable Compression Ratio) to upgrade existing X-DF engines to next-generation X-DF2.0 level. The combination reduces methane slip to approximately 0.7% of fuel gas volume.
• VINSSEN (빈센)coreTechnology or Integration · 30 September 2025VINSSEN and PANASIA collaborated on the world's first LR2-class (110,000 ton) ammonia-fuel cell propulsion ship project, achieving AIP from French classification society Bureau Veritas. PANASIA's Ammonia Cracking System (ACS) was combined with VINSSEN's MEGA FC 2.0 PEMFC fuel cell modules to provide stable hydrogen supply for large commercial vessel propulsion.
• Korean National Research Institutions (Consortium)minorStrategic or Co-development Partner · 22 November 2024Partnership with Korea Institute of Ocean Science and Technology, Korea Maritime and Ocean University, and KAIST for joint development of ballast water treatment technology. Initiated in 2004 as a government-funded project.
• Caterpillar (엔진 공급 파트너)regionalChannel Partner/ Reseller/ Distributor · 6 May 2013Partnership with Caterpillar for bundled supply of engines and PaNOx™ denitrification systems for jack-up rigs and offshore vessels. This partnership opened doors to Caterpillar's strong land-based power generation market.
• C&C PANASIA (US Joint Venture)regionalChannel Partner/ Reseller/ Distributor · 30 March 2011Joint venture company established in 2009 in the United States for local sales, service, and market development in the North American market.

Scale indicators13 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Optimarin: Norwegian pure-play BWTS supplier using UV-based technology with global approvals. Direct BWTS competitor to PANASIA's GloEn-Patrol, focused primarily on the retrofit market with smaller installed base.
• Alfa Laval: Swedish marine equipment leader that pioneered PureBallast UV-based BWTS. PANASIA overtook Alfa Laval from #2 to #1 BWTS market share by 2013, making them the most direct head-to-head competitor in ballast water treatment and adjacent marine emissions equipment.
• Ecochlor: US-based BWTS provider using chlorine dioxide treatment technology. Competes directly with PANASIA in the ballast water segment with USCG type approval and global retrofit focus, particularly in American ports.
• GEA Group: German separation technology and marine equipment manufacturer offering BWTS and process equipment. Comparable to PANASIA in marine water treatment and adjacent environmental equipment with strong engineering capabilities.
• Yara Marine Technologies: Norwegian maritime environmental equipment specialist offering SOx scrubbers (CleanSweep) and BWTS systems. Directly comparable to PANASIA's emissions control and BWTS portfolio for both newbuild and retrofit markets.

Broad incumbents

• MAN Energy Solutions: German marine engine designer and emissions systems provider supplying two-stroke engines and SCR/NOx solutions. Competes with PANASIA's SCR systems and iCER technology on a much larger scale with deeper shipyard relationships.
• Wärtsilä: Finnish marine engine OEM and environmental solutions provider that acquired Hyde Marine BWTS. Competes with PANASIA across scrubbers, BWTS, and methane-slip reduction while offering a much broader engine and propulsion portfolio.
• Mitsubishi Heavy Industries: Japanese industrial conglomerate with marine equipment, ammonia fuel systems, and turbomachinery divisions. Overlaps with PANASIA on ammonia fuel supply systems and large-scale emissions equipment with substantially greater resources.

Others

• WinGD: Swiss-based marine engine designer (Wärtsilä and China's CSSC joint venture) whose X-DF dual-fuel LNG engines PANASIA upgrades with iCER/VCR technology. Strategic co-development partner and adjacent technology provider in the maritime decarbonization ecosystem.

Emerging players

• BIO-UV Group: French UV-based water treatment specialist expanding into maritime BWTS segment. Comparable emerging competitor in UV-based ballast water treatment technology with growing shipyard approvals but smaller scale than PANASIA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/PANASIAWORLD
• LinkedInlinkedin.com/company/worldpanasia
• Instagraminstagram.com/panasia.official
• Facebookfacebook.com/panasiajapancorp

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PANASIA