Pan Ocean said it will transport iron ore for Vale for a five-year period. The contract, known as contract of affreightment (COA), was signed with Vale on January 24, 2019.
The five-year contract starts from the second half of 2020. The company said the goal of the CoA was to secure a “stable” source of revenue and profit.
Pan Ocean said it will transport 8.12 million mt of iron ore for Vale.