Hyundai Merchant wins 130 bln won coal transportation deal

SEOUL, May 17 (Yonhap) -- Hyundai Merchant Marine Co., South Korea's No. 2 shipper, said Tuesday that it has won a 130 billion won (US$119 million) deal to transport coal for a South Korean utility firm over the next 12 years.
Under the deal with Korea Midland Power Co., Hyundai Merchant will carry 1 million tons of coal annually from Australia, Indonesia and Canada to South Korea.
Shipments will start during the fourth quarter of the year, it said.
Korea Midland Power, a utility unit of the state-run Korea Electric Power Corp. (KEPCO), consumed 14 million tons of coal last year.
Shares of Hyundai Merchant were trading at 31,000 won on the Seoul bourse as of 1:45 p.m., down 0.23 percent.
sam@yna.co.kr