The agreement, signed on August 25, 2025, is valued at approximately KRW 113.6 billion (81 million U.S. dollars). The five-year contract is scheduled to start on October 1, 2026, and run until September 30, 2031. The company stated that the start date depends on the expected delivery of the sole dedicated iron ore carrier to be used for the service. The start and end dates of the contract may vary according to the vessel’s final delivery schedule.
The contract value of approximately 81 million U.S. dollars was determined based on the unit price agreed with Vale and the estimated shipping volume over the five-year period. Pan Ocean noted that the total value may fluctuate in the future due to market factors such as exchange rates and oil prices.
The contract represents approximately 2.2% of Pan Ocean’s most recent annual sales, based on its consolidated financial statements for 2024.
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