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  • 2009 August 25 07:04

    Hanjin Shipping signs $1.1bn iron ore shipping deal with Posco

    South Korea’s Hanjin Shipping has strengthened its long term charter business after signing a 20-year consecutive voyage contract involving two very large ore carriers with South Korean steel giant  OSCO in Seoul this morning.
    The deal will generate total revenues of Won1,380bn ($1.1bn) for Hanjin Shipping starting in 2011.
    The two VLOCs deployed for the contracts will be delivered in 2011 and they will carry 2.4m tonnes of iron ore a year from Brazil to South Korea. Hanjin Shipping said the total transport volume is estimated to be almost 48.5m tonnes during the life of the contract which runs until 2031.
    Hanjin Shipping said the revenues generated accounted for nearly 15% of the company’s current total sales.
    Both Hanjin Shipping and POSCO have several ongoing contracts with a total of 17 vessels, comprising 16 capesize and one handymax, on charter from Hanjin to Posco.
    The latest deal with Posco follows on from several other consecutive voyage contracts signed last year between Hanjin Shipping and Glovis, Hyundai Steel and KEPCO subsidiaries.
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