Beijing: Reflecting a likely loosening of the ban on valemaxes calling China, Brazilian miner Vale has formed a partnership with China Merchants Energy Shipping (CMES). CMES will order 10 very large ore carriers (VLOCs) to fulfill a 25-year contract of affreightment signed with Vale last Friday.
The news follows quickly on from another state-owned Chinese line, Cosco, signing a similar deal with Vale. Cosco is buying four of Vale’s VLOCs and ordering another 10 newbuilds. [29/09/14]