SEOUL-- PanOcean Co., South Korea's leading bulk carrier, said Thursday that it has secured a deal worth 1.9 trillion won (US$1.8 billion) with Brazil's Vale, the world's largest iron ore producer.

The South Korea company said in a regulatory filing that it is set to carry iron ore from Brazil to China from January 2020 to August 2047.

PanOcean also said it has placed orders worth 483 billion won with a Chinese shipbuilder for six very large ore carriers. The ships are scheduled to be delivered by September 2021.

Source: Yonhap News Agency