STX Pan Ocean bags 25-year ore contract with Vale

Seoul: South Korean dry bulk carrier STX Pan Ocean has won a $5.9 billion contract with Brazilian mining firm Vale for long-term iron ore shipping.

STX Pan Ocean, the world's No. 5 dry bulk shipping firm, had said on Monday that it was in talks with Vale on the deal, leading its shares to climb 8%.

The company subsequently said in a filing with the Korea Stock Exchange that the 25-year contract with Vale was worth 7.06 trillion won ($5.9 billion), involved shipping iron ore from Brazil to China.  [24/09/09]