Korean shipping company STX Pan Ocean has agreed to a long-term deal worth some W6 trillion with Brazil-based Vale, the world's largest iron ore mining company (US$1=W1,208).
An official at STX Pan Ocean said on Sunday that the company is working out final details but expects to sign the contract on Tuesday or Wednesday.
Under the deal the Korean shipper will transport 12 to 13 million tons of ore a year, for a total of 300 million tons over 25 years, earning up to W6 trillion, the official said.
Source: Chosun Ilbo
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