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Pan Ocean inks 20-year iron ore COA with Vale

Pan Ocean inks 20-year iron ore COA with Vale
Pan Ocean has entered into a long term contract of affreightment (COA) with Brazil’s state mining giant Vale to ship iron ore from Brazil to the Asian region including China and Malaysia.

The duration of the contract is for 20 years starting from the fourth quarter of 2016 to the fourth quarter of 2036, shipping a total of 32m tonnes of iron ore.

“The main objective of the company for entering into the COA is to secure a stabilised source of revenue and profit,” Pan Ocean said.