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STX Pan Ocean in $420m shipping deal with POSCO

STX Pan Ocean in $420m shipping deal with POSCO

Seoul: STX Pan Ocean has penned a $420m consecutive voyage contract with POSCO. The contract is to mainly ship coking coal and iron from Australia to South Korea. Worth $420m the contract lasts from 20 years from May 1 next year to May 31, 2031. "The main objective of the company for entering into the CVC is to secure a stabilised source of profit," STX Pan Ocean said. [15/09/10]

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