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South Korean firm Hanjin Shipping has agreed a 20-year consecutive voyage contract with steel maker Posco to import 50 million tonnes of iron ore from Brazil. The KRW1.4tn ($800m) contract, scheduled to end in 2031, is estimated to make up 15% of the company's total business over 20
South Korean firm Hanjin Shipping has agreed a 20-year consecutive voyage contract with steel maker Posco to import 50 million tonnes of iron ore from Brazil.
The KRW1.4tn ($800m) contract, scheduled to end in 2031, is estimated to make up 15% of the company’s total business over 20 years, Hanjin said.
Under the deal, the shipping firm will use two ore carriers – due for delivery in 2011 – to annually import 2.4 million tonnes of iron ore into South Korea.
Hanjin has already deployed 17 ships, 16 Capesize vessels and one Handymax for Posco’s cargo needs.
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