VALE SIGNS CONTRACT WITH PAN OCEAN (SOUTH KOREA) TO SHIP 32 MILLION T OF IRON ORE

Pan Ocean, from South Korea, has entered into a long term contract of affreightment (COA) with Brazil’s mining giant Vale to ship iron ore from Brazil to the Asian region including China and Malaysia.

The duration of the contract is for 20 years starting from the fourth quarter of 2016 to the fourth quarter of 2036, shipping a total of 32m tonnes of iron ore.