Hanjin Shipping to sign 15 year-contract with KOMIPO

Hanjin Shipping signed a 15-year Consecutive Voyage Contract (CVC) with Korea Midland Power (KOMIPO) after the bidding, which took place back on May 7th.

According to Hanjin Shipping, a cape-size vessel will be deployed in the transportation of approximately 1 million tons of soft coal annually starting from the 3rd quarter this year to the 3rd quarter of year 2025. The total transport volume is estimated to be around 15 million tons creating total revenue of approximately KRW 190 billion. 

Hanjin Shipping comments, “We expect that the stable transportation of soft coal, essential for creating electricity, will help satisfy domestic needs and allow us to secure stable income in future.”

 
Meanwhile, Hanjin Shipping is continuing its endeavors to develop new businesses with various partners and make stronger presence as a major bulk player. Besides signing CVC with Glovis and Hyundai Steel in 2008 and with POSCO last year, the company is operating 24 dedicated vessels for POSCO, 11 for KEPCO and 2 for Hyundai Steel.
(Source:www.transportweekly.com)