이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

Pan Ocean lands contract with Vale SA to ship iron ore

Collected: 2016.03.24

Distributed: 2016.03.25

Source: Go Direct

South Korea’s dry bulk carrier Pan Ocean Co. inked a 20-year contract with Brazil’s largest mining company Vale SA to ship iron ore from Brazil to China, suggesting that the company is on a recovery path after its successful comeback from court receivership and its merger to Harim Group, a major livestock and animal feed group in the country.

Pan Ocean said on Wednesday in a regulatory filing that it will transport around 32 million tons of iron ore for 20 years that is expected to generate around $359 million in sales. Under the contract, it plans to ship the first batch of iron ore from Brazil to China in the second half of 2016.

Pan Ocean purchased the vessels for the Vale deal in an auction at relatively lower prices than the market price and plans to make them available for transportation within the latter half of this year after maintenance.

The vessels bought at a lower price made it possible to offer Vale better shipping rates, leading Pan Ocean to win the deal, an official of Pan Ocean said, adding that the latest deal is a sign that Pan Ocean is recovering after its successful graduation from court receivership and merger to Harim.

By Yoon Jin-ho

Read in Korean

List

Previous: Volkswagen’s Euro 6 cars under probe by Korean prosecutors for emission tampering

Next: Korea’s automobile underdogs making big strides with ambitious plans