Pan Ocean, Vale ink USD359 transport contract

(MENAFN) Pan Ocean, the major South Korean shipping company, has sealed a USD359 million shipping contract to transport iron ore from Brazil to China.

According to the agreement signed with Brazil's Vale SA, the Korean giant will provide 32 million tons of iron ore throughout the following 20 years.

Pan Ocean has been under court bankruptcy since June 2013 and was put up for sale in March last year, thus was split from its struggling parent firm, STX Group.

Moreover, Pan Ocean gained an international reputation in the bulk carrier service as well as services including container ships, oil tankers and LNG carriers.


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