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Pan Ocean orders six VLOCs at New Times Shipbuilding

South Korean shipowner Pan Ocean has officially signed shipbuilding contracts with China’s New Times Shipbuilding for the construction of six 325,000 dwt VLOCs.

The price for each vessel is $74m and deliveries are scheduled between December 2019 and September 2021.

The contract is part of a COA deal Pan Ocean entered into with Brazilian miner Vale, who has clinched COA deals with a number of Chinese and South Korean companies including Cosco Shipping, ICBC Leasing, China Merchants, Korea Line and Polaris Shipping.

The COA deals will see dozens of VLOC newbuildings transport iron ore for Vale from 2019 onwards.

The contract is also New Times Shipbuilding’s first ever VLOC order.

Pan Ocean currently operates a fleet of 61 bulkers with another 11 newbuildings under construction.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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