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Pan Ocean orders five woodpulp carriers for long term charters

Pan Ocean has made an order to construct five woodpulp carriers at a total price of KRW165.5bn ($146.1m) after having secured a long term transportation contract with Brazil’s Fibria.

The open hatch type bulk carriers will be delivered from 31 December 2018 to 11 September 2020. The shipbuilder for the woodpulp carriers was not disclosed.

Pan Ocean said the vessels investments are needed after it entered into consecutive voyage contracts with Fibria, a forestry company and producer of eucalyptus pulp.

The transportation of eucalyptus pulp will take place from 2019 to 2035, with an option for Fibria to extend by up to another 25 years.

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