April 26, 2024
Industrials
Pan Ocean wins W127b shipping deal from Vale
[THE INVESTOR] Pan Ocean said on Jan. 25 that it has clinched a shipping contract worth 127 billion won (US$113 million) to transport iron ore from Brazil to China.
Under the deal with Brazilian mining company Vale, Pan Ocean will ship iron ore for five years starting in October 2020, the company said in a regulatory filing.
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In 2009, Pan Ocean clinched a 7 trillion-won deal with Vale, one of the world’s biggest iron ore producers, to transport iron ore.
In a separate filing, Pan Ocean said it will spend 122 billion won to build two iron ore carriers.
Pan Ocean, formerly known as STX Pan Ocean, has been under court receivership.
It separated from the cash-strapped STX Group in 2013, nearly nine years after it was incorporated into the group in November 2004. The STX Group was dismantled early this year following a severe credit crunch.
By Ram Garikipati and newswires (ram@heraldcorp.com)
