Hyundai Merchant Marine picks up coal delivery pact

Hyundai Merchant Marine, the nation’s second-largest marine shipping operator, said yesterday it signed a 120 billion won ($109.5 million) contract to deliver bituminous coal to Korean Western Power.

The affiliate of Hyundai Group said it will ship 1 million tons of coal for 15 years beginning in Jan. 2016.

The company will deliver coal from countries like Australia, Canada and Indonesia to the port of Taean in Korea. The company will use a Panamex bulk carrier.

Last week, the shipping company signed a contract worth 760 billion won with three local power generating companies to deliver coal for 18 years.

“We have secured a firm ground for future growth with these deals,” the company said in a release. “We will try to get other long-term contracts to have more stable business in the future.”