Korea Line Corporation of SM Group Signs 72 Billion Won Transport Contract with POSCO Flow
Transporting Iron Ore and More from Australia and Canada
Korea Line Corporation, the shipping division of SM Group, announced on the 1st that it had signed a long-term cargo transport contract worth 72 billion won with POSCO Flow.
Under this agreement, Korea Line Corporation will transport iron ore and coal from Australia, Canada, and Brazil to Korea for 3 years and 3 months, until January 2030. The contract value represents 5.63% of Korea Line Corporation's consolidated revenue from last year, which was 1.277 trillion won.
Recently, Korea Line Corporation also signed a 73 billion won automobile carrier (PCTC) contract with Hyundai Glovis and a 42 billion won long-term bulk carrier charter contract with Zhejiang Shipping from China, maintaining a steady and solid performance trajectory.
With this contract, the company has secured a relay of shipments including those from POSCO Flow, establishing a stable profit foundation based on long-term contracts amid global shipping market uncertainties and market volatility.
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Korea Line Corporation and its subsidiary, Korea Line LNG, operate a total dedicated fleet of 32 vessels. As of the second quarter, the company improved its financial soundness, reducing its debt ratio to as low as 64%.
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