Qatar Primary Materials Co (QPMC) has contracted Hyundai Glovis to carry 50m tons of aggregates from the UAE and Oman to southern Qatar in a deal worth $500m.
The contract of affreightment (COA) period will run from January 2016 until December 2020.
Hyundai Glovis plans to deploy around 20 panamax bulk carriers to carry the aggregates, which consist mostly of pebble and sand, for QPMC, which supplies building materials to construction projects in Qatar.
The South Korea-based carrier currently has three capesizes and one panamax in its owned fleet of bulkers, plus another two under construction in China.
