Hyundai Glovis Nets USD 500 Million COA in Qatar
South Korea’s Hyundai Glovis Co. has signed a USD 500 million contract of affreightment (COA) with Qatar Primary Materials Company (QPMC) to transport 50 million tons of construction materials from the United Arab Emirates and Oman to Qatar, according to Yonhap News Agency.
The COA will come into effect in January 2016, and will run until December 2020.
During that period, Hyundai Glovis, the logistics arm of Hyundai Motor Group, expects to employ around 20 Panamax bulk carriers to transport the construction materials, mostly pebble and sand, from the UAE and Oman to a pier in southern Qatar.
World Maritime News Staff