South Korea-based shipping company Pan Ocean has announced that it has signed a five-year freight contract with Brazilian iron ore producer Vale, strengthening its position in the global bulk shipping market.
The contract, valued at KRW 113.6 billion ($82 million), will run from October 1, 2026, to September 30, 2031, covering iron ore cargo transportation services between Brazil, China, and other major destinations.
Contract details
According to the company’s disclosure, the contract value represents 2.2 percent of Pan Ocean’s total sales.
However, the final contract value may fluctuate depending on oil prices and exchange rate movements, factors that heavily influence global shipping costs.