Kawasaki Kisen Kaisha, Ltd., Tokyo (hereinafter called "K" Line) announced that an agreement was reached with Korea Western Power Co., Ltd., (hereinafter called KOWEPO), a Seoul-based power generation company, for a 10-year consecutive voyage charter (CVC) of a Cape-size bulk-carrier.
The outline of the charter agreement is as per below:
Agreement: Consecutive voyage charter of a Cape-size bulk-carrier for 10 years commencing from the first quarter of 2009
Services: Seaborne transportation of bituminous coal for electric power generation, from Australia, South Africa, Indonesia and Canada to South Korea
Vessel: A Cape-size bulk-carrier
KOWEPO is one of six South Korean electric power generation companies owned by Korean Electric Power Corporation (KEPCO), with current coal generation capacity of 4,000MW (mega watts) besides oil, LNG and hydropower generation, and imports approximately 12 million metric tonnes of bituminous coal per annum.
This agreement is the third CVC with KOWEPO with whom “K” Line has already concluded a 10-year CVC starting from mid-2007 with a Panamax bulk-carrier in May 2007, and another 10-year CVC starting from second half 2011 with a Cape-size bulk-carrier in January 2008.
As the Capesize commencing in the second half 2011 enters the service, “K”Line will be transporting approximately four million metric tonnes of bituminous coal per annum for KOWEPO’s power generation needs.