STX Pan Ocean in talks with Vale over long-term contract

SEOUL, Sept. 21 (Yonhap) -- STX Pan Ocean Co., South Korea's leading bulk
carrier, said Monday that it is in talks with Brazilian mining company Vale SA
over a long-term iron ore shipping contract.

"Details and an agreement may be reached soon," Hwang Sung-min, a company
spokesman, said. STX may transport about 300 million metric tons of iron ore for
Vale, the world's biggest iron ore producer, over 25 years, in a deal estimated
at about 6 trillion won (US$5 billion)
Shares of STX Pan Ocean were trading at 12,700 won on the Seoul bourse as of 2:05
p.m., up 9.96 percent.
sam@yna.co.kr
(END)