Photo: Pan Ocean

PanOcean Signs USD 1.8bln Deal with Brazil's Vale, Orders Six VLOCs

By Aiswarya Lakshmi!!!

South Korean shipper Pan Ocean has won a 1.98 trillion won ($1.82 billion) contract to transport iron ore over a period of 27 years for Brazilian mining giant Vale, Reuters reported.

The South Korea company said in a regulatory filing that it is set to carry iron ore from Brazil to China from January 2020 to August 2047.
According to Straits TImes, the contract commences from the first quarter of 2020. "The main objective of the company for entering into this COA is to secure a stabilised source of revenue and profit," said Pan Ocean.
Pan Ocean also said it has placed orders worth 483 billion won with a Chinese shipbuilder for six very large ore carriers. The new ships are intended to be employed on long-term cargo contracts. The ships are scheduled to be delivered by September 2021.
Pan Ocean said Vale is in the process of signing long-term contracts involving a total of 30 vessels, from seven shippers, both in South Korea and overseas.
FSL Santos. Photo: FSL Trust

FSL Trust Sells Vessel for USD 6.2mln to Reduce Debt

Singapore's First Ship Lease (FSL) Trust said that  it has sold containership, FSL Santos for $6.2 million to reduce its debt service requirements for the fourth quarter.

Pic: Eagle Bulk Shipping Inc.

Eagle Bulk Completes $265 Mln Refinancing

Eagle Bulk Shipping, through its wholly-owned subsidiaries Eagle Bulk Shipco and Eagle Shipping LLC, has entered into a series of refinancing transactions

File Photo: Province of Nova Scotia

Former Chief of Daewoo Shipbuilding Gets 6 Years in Jail

Former Daewoo Shipbuilding & Marine Engineering  (DSME) boss Nam Sang-tae sentenced to six years in prison by Korean court for embezzlement and bribery, Yonhap reported.

web automated terminal 2.jpg

Container Handling of the Future is Available Now

Kalmar and Navis Enable ICTSI to Complete the World’s First Fully Automated Terminal.   Kalmar and Navis recently announced the delivery of the first OneTerminal automation

Mario Cordero

West Coast Intermodal Update: Mario Cordero

POLB Executive Director Mario Cordero weighs in from his new West Coast chair, on the most pressing issues of the day. Arguably the industry authority from both the regulatory

Bradley Jacobs, CEO of XPO Logistics, speaks at the 2017 Connie Award ceremony in Newark, N.J. (Photo: Eric Haun)

XPO’s Jacobs Receives 2017 Connie Award

XPO Logistics chief executive officer Bradley Jacobs received the Containerization and Intermodal Institute’s (CII) 2017 Connie Award during a ceremony December 11 in Newark, N.J.