South Korean shipping company Korean shipping has announced that it has signed a crude oil transport agreement with south Korean oil refinery GS Caltex.

The company said the crude oil transport agreement would be 210 billion won ($197 million), and that it would deploy two crude oil tankers to GS Caltex to transport crude oil between the Middle East and South Korea.

The contract is scheduled to begin at the end of December 2019 and will last until January 1, 2026, the company said in a regulatory filing. The company said the contract was worth 38.96 percent of the previous year's revenue.

So far, the company has sold 540 billion won ($507.8 million) in sales in 2018. Previously, the company also in February and vale of Brazil signed a $608 million long-term transport protocol, the deployment of two bulk carrier for CVRD iron ore from Brazil to China, for 25 years.

In October 2017, the Korean ocean shipping company made two bulk cargo ships of 325,000 DWT in modern heavy industries, and it is expected to start providing transportation services to vale after delivery in 2020.