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Biz News Korea(Eng)
Pan Ocean bags $1.8 bn deal to ship iron ore for Brazil`s Vale
- Collected
- 2017.12.01
- Distributed
- 2017.12.04
- Source
- Go Direct
![[Photo by Pan Ocean Co.]](http://file.mk.co.kr/meet/neds/2017/12/image_readtop_2017_796762_15120911593120651.jpg)
[Photo by Pan Ocean Co.]
According to Pan Ocean in a regulatory filing on Thursday, it bagged an order to deliver iron ore to Vale from 2020 to 2047, which is expected to help it raise about $1.8 billion in sales over the cited period. For the shipment, the Korean bulk carrier will invest $446 million to build six very large ore carriers (VLOCs) and an unnamed Chinese shipbuilder will build the six ships with an aim to deliver them between 2019 and 2021, the shipper said in a separate filing.
An unnamed official from Pan Ocean said the company has decided to use a Chinese shipbuilder in building its ships because the price of Chinese ships is 10 percent cheaper than those of Korea shipbuilders.
Considering that Vale, the world’s leading producer of iron ore, is currently seeking to sign long-term shipping contracts with seven global bulk carriers that would involve 30 vessels in total, the deal with Pan Ocean worth six vessels is reportedly Vale’s largest new order.
The latest deal comes as Pan Ocean is accelerating its efforts to expand its global operation. Earlier this year, the Korean shipper signed another long-term shipping contract with Brazil’s Fibria Celulose S.A., the world’s largest pulp producer, to ship pulp in five bulk carriers. It also acquired a 208,000 deadweight tonnage (DWT) iron ore Cape carrier and an 82,000 ton Kamsarmax bulk vessel.
Shares of Pan Ocean ended Thursday at 5,500 won, up 1.48 percent, or 80 won, from the previous session.
By Moon Ji-woong and Lee Eun-joo
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