STX Pan Ocean inks $300m in coal contracts

Seoul: STX Pan Ocean has inked to consecutive voyage contracts CVC) worth $300m to ship coal to South Korea. The contracts with Korea Southern Power Co are to transport steaming coal mainly from Australia and Indonesia. One of the contracts starts this month and the other in July 2014 and both will run for 15 years. "The main objective of the company for entering into the CVCs is to secure a stabilized source of profit," STX Pan Ocean said. [08/11/10]