STX Pan Ocean signs 7 tln won deal with Vale

By Nam Kwang-sik
SEOUL, Sept 22 (Yonhap) -- STX Pan Ocean Co., South Korea's leading bulk carrier,
said it has clinched a 7 trillion won (US$5.8 billion) deal with Brazil's Vale
International S.A., the world's biggest iron ore producer, to transport iron ore.

Under the deal, STX Pan Ocean will transport 300 million metric tons of iron ore
for Vale over the next 25 years from Brazil to China, the local shipping company
said in a regulatory filing.
Shares of STX Pan Ocean fell 2.40 percent to 12,000 won as of 10:53 a.m. on the
Seoul bourse.
ksnam@yna.co.kr
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