South Korean owner Pan Ocean has announced it has inked a consecutive voyage contacts with Brazilian forestry company Fibria.

The US$636m contract will see Pan Ocean transport wood pulp for Fibria for 15 years from
2019 to 2035. The contract also includes an option to extend the period to 25 years.

Meanwhile, the owner said it has approved an investment facility of KRW165.5bn (US$146m) for the construction of five wood pulp carriers.