South Korean shipper Pan Ocean said on Thursday that it had won a 1.98 trillion won ($1.82 billion) contract to transport iron ore over a period of 27 years for Brazilian mining giant Vale .
Pan Ocean said in a filing with the Korea Stock Exchange that the contract with Vale involved shipping iron ore from Brazil to China from 2020 to 2047.
The company operates eight iron ore carriers, but said it would invest 483 billion won to secure six more vessels for the contract from an identified Chinese shipbuilder.
Pan Ocean said Vale is in the process of signing long-term contracts involving a total of 30 vessels, from seven shippers, both in South Korea and overseas.
Source: Hellenic Shipping News.