Coal & Oil enters into shipping contract with Korean firm
The $600 mn Coal and Oil has entered into a long-term shipping agreement with $5 billion Korean company STX Pan Ocean to carry coal for Coastal Energen.
By ET Bureau |
CHENNAI: The $600 mn Coal and Oil has entered into a long-term shipping agreement with $5 billion Korean company STX Pan Ocean to carry coal for Coastal Energen.
The ten-year-contract will commence from 2012 and STX Pan Ocean is in the process of placing new building ship orders for three to four geared ‘kamsarmax’ bulkers (82000 DWT) to service the business. The total value of the ships is estimated to be around $140-150 million.
The contract was signed on Monday at the plant site in Tuticorin in the presence of Coal and Oil group founder Ahmed Buhari and STX Pan Ocean Ship Investment and Management division Executive VP Kab-Sun JUNG.
Coastal Energen, the power generating flagship company of the Coal and Oil Group, is setting up a 1200 MW coal-fired thermal power plant in the district of Tuticorin in Tamil Nadu. The group’s maiden power project is a logical extension of its multi-disciplinary capabilities including coal trading – mining – logistics and shipping, according to a release here.
STX Pan Ocean is considered as one of the five major shipping companies in the world.
The ten-year-contract will commence from 2012 and STX Pan Ocean is in the process of placing new building ship orders for three to four geared ‘kamsarmax’ bulkers (82000 DWT) to service the business. The total value of the ships is estimated to be around $140-150 million.
The contract was signed on Monday at the plant site in Tuticorin in the presence of Coal and Oil group founder Ahmed Buhari and STX Pan Ocean Ship Investment and Management division Executive VP Kab-Sun JUNG.
Coastal Energen, the power generating flagship company of the Coal and Oil Group, is setting up a 1200 MW coal-fired thermal power plant in the district of Tuticorin in Tamil Nadu. The group’s maiden power project is a logical extension of its multi-disciplinary capabilities including coal trading – mining – logistics and shipping, according to a release here.
STX Pan Ocean is considered as one of the five major shipping companies in the world.
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