Bulk carrier enters 20-year deal with mining major

The world's largest mining company, Brazil's Vale, has entered into yet another long-term contract for the transport of iron ore to Asia. This time with Korean Pan Ocean.

Photo: PR-foto: Vale

Brazilian mining behemoth Vale, which recently signed a 27-year deal with Cosco to transport iron ore to Brazil from China, has now entered into a similar agreement with Korean dry bulk carrier Pan Ocean.

The contract is worth a total of USD 362 million, corresponding to 25 percent of Pan Ocean's total revenue, and will run over the next 20 years until 2036, report several media sources citing a press release from Pan Ocean.

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