German dry bulk owner Oldendorff has signed an integrated coal transport and transhipment agreement with Nghi Son 2 Power, a consortium between Marubeni and Korea Electic Power Corporation, for a new power station project being built at Nghi Son in Vietnam.
The agreement includes the transportation of about 100m tonnes of coal over 25 years, and includes the ocean transportation of the coal as well as the transhipment and delivery to Nghi Son. The coal will mainly be imported from Indonesia in capesize bulkers, with two capesize deliveries expected each month.
Oldendorff says it will open an office in northern Vietnam in order to perform the transhipment operations together with Vietnamese partners. It also intends to build two purpose built transhipment vessels in China, with the first being ready in 2021.
Oldendorff commenced a similar transhipment project at Go Gia buoys in southern Vietnam last year.