Pan Ocean to order two capes on back of latest Vale contract

Pan Ocean to order two capes on back of latest Vale contract

South Korean bulker giant Pan Ocean has announced it will buy two new capesizes having secured another long-term iron ore shipping contract with Brazilian miner, Vale.

Pan Ocean stated in a release to the Singapore Exchange that it has set aside $106.68m to buy two capes for delivery between September 30, 2020 and April 29, 2021.

Pan Ocean’s latest contract win with key client Vale calls for the shipping of 8.12m tonnes of Brazilian iron ore over a five-year period.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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