Cosco signs up for valemaxes

Beijing: Dry bulk’s greatest dispute seems to be over with news on Friday that Cosco has signed a framework agreement for strategic cooperation in iron ore shipping with Brazilian miner, Vale.

Four existing very large ore carriers of 400,000 tons deadweight owned and currently operated by Vale will be transferred to Cosco and chartered by Vale on a long term basis for 25 years. In addition, Vale and Cosco shall enter into a similar long term contract of affreightment which will be serviced by ten very large ore carriers of similar deadweight to be built by Cosco.  [15/09/14]

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