Dry CargoGreater China
CMES to operate valemaxes from Hong Kong
China Merchants Energy Shipping (CMES) has announced that it has established a fully owned subsidiary, China VLOC Company, in Hong Kong to operate valemaxes.
CMES signed an agreement with Brazilian mining giant Vale in July for the purchase of four 400,000dwt VLOCs and said it will keep investing in the iron ore shipping project. CMES will order additional 10 VLOCs to fulfil a 25-year contract of affreightment signed with Vale.
China Shipping Development (CSD) and Cosco have also together established a joint venture, China Ore Shipping, in Singapore in May to operate valemaxes.
The best VALEĀ“s decision. Henceforth the company shall be focusing to their core business, mining