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18 January 2019 The on-line newspaper devoted to the world of transports 12:25 GMT+1



January 3, 2019

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Reduced of 13 billion dollars the turnover of the contract Pan Ocean - It is worth for the iron mineral transport

The agreed variation is due to the variation of the price of the bunker

The South Korean shipowning society Pan Ocean Co. a modification to an agreement has announced to have agreed with the Brazilian mining group Is worth International on September 21, 2009 undersigned for the transport of iron mineral from Brazil to China. The understanding in the long term which signed originally in the consecutive contract form of voyage charter is transformed in a Contract of Affreightment (COA), dated 31 Decembers 2018, for the transport of about 238,4 million tons of iron mineral from Brazil to China for the duration of about 19 years.

Specifying that the variation of the agreement will not have a material impact on the revenues of the South Korean company, Pan Ocean has specified that however the turnover previewed from such activity will diminish of 13 billion dollars because of the variation of the price of the fuel oil coming down from 58 to 45 billion dollars.



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