Posted on 27 Apr 2022
Leading Vietnamese steelmaker Hoa Phat Group has signed a long-term contract of affreightment (COA) with Oldendorff Shipping Company through its shipping subsidiary, Hoa Phat Shipping Company.
This is to transport iron ore to Hoa Phat's steelworks, Kallanish notes. The long-term transportation contract helps Hoa Phat Group actively control sea freight rates in the context of volatile global freight rates, Hoa Phat says.
Hoa Phat Shipping Company directly owns a fleet of three vessels of the Kamsarmax series with a capacity of 80,000-90,000 tonnes. These transport bulk cargo, coal and ore materials for Hoa Phat Group.
The group's fleet development strategy is to meet the needs of internal transportation and the huge demand for bulk transport in the market. When the second phase of the Dung Quat Hoa Phat Steel Integrated Complex project is completed in 2024, Hoa Phat Group's demand for importing production materials will increase sharply.
Source:Kallanish
