STX Pan Ocean Co., South Korea’s largest bulk-shipping company, gained the most in almost two weeks in Seoul trading after receiving a 25-year contract from Fibria Celulose SA of Brazil.

The company rose 2.4%, the biggest increase since Oct. 7, to close at 12,700 won in Seoul. The company’s Singapore-listed shares climbed 2.9% to close at $14.76.

 

Under the contract, STX Pan Ocean will ship Fibria Celulose’s entire exports of wood pulp for 25 years starting in 2012, which may generate about US$5 billion ($6.52 billion) in sales, the Seoul- based company said today in an e-mailed statement. The shipping line will review whether to order new vessels or use existing ones, it said.

 

STX Pan Ocean will order 20 ships worth about US$1 billion to support the contract, Tradewinds reported, without saying where it got the information. The vessels will be built by an STX Group yard in China or South Korea, the maritime newspaper said on its website.