Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
PAN Ocean Co said on Thursday it has entered into a 27-year contract of affreigtment (COA) with Vale International SA for the transportation of Brazilian iron ore at estimated total sales of approximately US$1.8 billion.
The contract commences from the first quarter of 2020.
"The main objective of the company for entering into this COA is to secure a stabilized source of revenue and profit," said Pan Ocean.
In a separate announcement, the company said it is investing in six very large ore carriers in order to secure vessels for long-term cargo contracts. The shipbuilding contracts are worth 483.18 billion Korean Won (around S$600 million), with the investment period from Dec 2019 to Sept 2021.