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.