Pan Ocean Orders Ore Carrier Duo to Serve Vale Deal

South Korean shipping company Pan Ocean has unveiled its intentions to order two iron ore carriers on the back of a new transportation contract, the company said in a stock exchange filing.

The owner said it would be paying KRW 121.6 billion (USD 108.6 million) for the new Capesize vessels. According to the filing, the ships are scheduled for delivery from the end of September 2020 until the end of April 2021.

Pan Ocean said it decided to order the carriers to serve the newly-signed iron ore transportation contract with Brazillian mining giant Vale.

Under the KRW 126.6 billion long-term shipping deal, Pan Ocean would carry iron ore cargoes from Brazil to Yanghwa, China over a period of five years.

The transportation deal covers the period from October 1, 2020 until the end of September 2025.

World Maritime News Staff