2009-09-03 11:10

Hanjin Shipping signs 20-year contract with POSCO

Hanjin Shipping announced that it signed a 20-year CVCs (Consecutive Voyage Contract) with POSCO at a ceremony held at its Seoul head office today.

According to Hanjin Shipping, two VLOCs (Very Large Ore Carrier) bound with the contracts will be delivered in 2011 and deployed in the transportation of 2.4 million tons of iron ore from Brazil to Korea on annual basis. The total transport volume is estimated to be 48.46 million tons until year 2031, creating revenue of approximately KRW 1.38 trillion, which is nearly 15% of the company? total sales.

Hanjin Shipping and POSCO have been working closely together for years now with several ongoing contracts. Currently, Hanjin Shipping has 17 vessels (16 cape-size, 1 handymax) deployed for POSCO.
Meanwhile, Hanjin Shipping is continuing its efforts to develop new businesses with various customers in order to make its presence known as a major bulk player. Last year, Hanjin Shipping signed consecutive voyage contracts with Glovis, Hyundai Steel and KEPCO subsidiaries.
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