Coscocs and Vale sign 27-year contract for iron ore

Coscocs and Vale sign 27-year contract for iron ore

China Cosco Shipping Corp (Coscocs) and Vale have signed a 27-year agreement in which the Chinese shipping conglomerate will carry 16m tons of iron ore for the Brazilian miner each year.

The companies signed the agreement in a ceremony in Beijing on Friday, Coscocs said in a statement today. The contract’s value was not disclosed.

The Chinese carrier said the agreement represented the “beginning of a new chapter of cooperation between the two companies”.

Earlier this month, three Chinese shipping companies ordered a total of 30 400,000-dwt valemaxes for delivery from 2018 for charter to Vale. The orders are estimated to be worth a combined $2.5bn and were all placed with Chinese shipyards.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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