STX Pan Ocean bags $210m coal shipping contract

STX Pan Ocean has bagged a $210m contract to haul coal for Korea South East Power Co. The dual Singapore and Seoul listed firm said it signed a 15-year consecutive voyage contract (CVC) with the power company to ship steaming coal, mainly from Australia to South Korea. The contract runs from March 2013 to February 2028. “The main objective of the company for entering into the CVC is to secure a stabilised source of profit,” STX Pan Ocean said.