MaritimeNews ® 07-Mar-2018 14:05
Illustration; Image Courtesy: Seacore
South Korean shipping company Korea Line Corporation, part of Samra Midas Group, has signed a contract with compatriot oil refiner GS Caltex for the transportation of crude oil.
Under the KRW 210 billion (USD 197 million) deal, Korea Line will transport crude oil between the Middle East and Korea. Two crude oil carriers will be employed for the job.
The contract is scheduled to start at the end of December 2019, lasting until January 1, 2026, Korea Line said in a regulatory filing.
The contract is equivalent to 38.96 pct of revenue for the previous year.
As informed, so far this year, the company’s sales amount to KRW 540 billion (USD 507.8 million).
The deal is being announced on the back of Korea Line’s long-term contract of affreightment with Brazilian miner Vale from February.
The 25-year-long deal, worth USD 608 million, will see two bulk carriers transport iron ore from Brazil to China.
The two 325,000 dwt bulkers were ordered in October 2017 from Hyundai Heavy Industries (HHI) and are scheduled for delivery at the start of 2020, when they will start working for Vale.
World Maritime News Staff
 
-Source: worldmaritimenews.com
0
Reply
Heads necessary to send messages to enable JavaScript

Similar topics

Korea Line Orders VLCC Duo for GS Caltex Deal
Korea Line Pens USD 608 Mn Deal with Vale
Korea Line Moves Forward with VLCC Order
Korea Line Poised for New VLCC Order after S-Oil Charter Deal
Korea Lines Orders Two Bulkers
Korea Shipping Corporation Orders Bulker Duo at Daesun
HMM Inks Crude Oil Shipping Deal with GS Caltex
Polaris Shipping Firms Order for 10 VLOCs at HHI
Korea Line Pens Charter with Shell Tankers for LNG Carrier Duo
HMM Nets USD 420 Million to Build 5 VLCCs
  • Reply

The time now is: Today 05:22

All times are GMT + 3 Hours