STX Pan Ocean

STX Pan Ocean has entered into 2 coal transportation contracts with Korea Southern Power worth approx US$300m in rev. They will be effective from Nov 2010 and July 2014 for 15 years each respectively. This will add to a stable base of revenue for STX PO. As of 2H10, revenue by STX PO was US$2.7b, annualized, the rev from the two contracts will be approx 5% of rev. Recognized over 15 years, it is not expected to form a significant part of revenue. Results expected on 26 Nov.