Korea Line Bags USD 197 Mn Crude Oil Transport Gig with GS Caltex

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


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