Pan Ocean has sealed a series of contract of affreightments with Brazilian miner Vale and is ordering six very large ore carriers for delivery from 2019 through to 2021.
The move is in the latest in a huge series of VLOCs Vale has contracted with Asian owners this year.
Seoul-headquartered Pan Ocean said the 27-year COA was worth $1.8bn “The main objective of the Company for entering into this COA is to secure a stabilized source of revenue and profit,” the company said in a release.