South Korea’s Pan Ocean has signed a five-year, US$81 million contract with Vale International to transport iron ore from Brazil to China and other regions.

The agreement, finalized on August 25, 2025, is set to run from October 2026 to September 2031. Its execution depends on the timely delivery of a dedicated iron ore carrier, which may adjust the contract timeline.

The total contract value, calculated based on fixed unit prices and estimated volume, remains subject to fluctuations from oil prices and exchange rates. This deal represents 2.2% of Pan Ocean's 2024 annual sales.