Dry CargoGreater China
Cosco inks bauxite shipping agreement with SPIC Aluminum
Cosco Shipping Bulk, the bulk shipping unit of Cosco Shipping Group, has entered into framework agreement with state-run SPIC Aluminum & Power Investment for a bauxite shipping project.
Under the agreement, Cosco Shipping Bulk will provide bauxite transportation services for SPIC Aluminum from Guinea to China.
Last year, Cosco ordered a total of 14 newcastlemax bulk carriers at domestic yards on the back of a similar COA deal with Aluminum Corporation of China (Chalco).
Cosco is expected to place orders for more newcastlemax bulkers as it estimates it needs 30 vessels for bauxite shipping projects from Guinea.