Seoul: South Korean operator Polaris Shipping has secured a long-term steam coal transport deal with Korea South-East Power Co. (KOSEP). Polaris will shift 1m tons of coal a year to the power company from Indonesia, Australia, Russia, China and Canada for a period of 15 years.
Polaris beat STX Pan Ocean, Hanjin Shipping, SK Shipping, Daebo Shipping and other South Korean operators to the winning tender. Only Korean operators were allowed to enter the tender, a new measure from Seoul, following the crippling affects on local shipping during the financial crisis. [13/08/09]
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