[Market Now] Pan Ocean secures shipping contract with Vale

Pan Ocean, a listed bulk carrier services company, said in its disclosure report Wednesday that it has secured a long-term contract to ship iron ore for Vale, Brazil’s metals and mining giant.

The contract is worth some 419 billion won ($362 million), accounting for about 25 percent of Pan Ocean’s sales, the shipping company reported. Pan Ocean will start shipping iron ore for Vale from October this year to October 2036 via destinations including China, Malaysia and Brazil.

Jeil Holdings is the largest shareholder of Pan Ocean with a 51.25 percent stake. Pan Ocean’s main auditor is Nexia Samduk.

By Park Hyong-ki (hkp@heraldcorp.com)