Dry CargoGreater China

ICBC Financial Leasing signs COA with Vale

China’s ICBC Financial Leasing has signed a contract of affreightment (COA) with Brazilian mining group Vale to transport iron from Brazil to China.

The COA, which covers a period of 27 years starting from the first half of 2018, will see ICBC Financial Leasing transport about 16m tons of iron ore for Vale each year.

The deal follows Coscocs and China Merchants Energy Shipping (CMES) each signing similar COAs with Vale in March.

ICBC Financial Leasing, Coscocs and CMES have ordered 30 valemexes in total at several domestic yards. ICBC Financial Leasing has given six vessels to Yangzijiang Shipbuilding and four to Behai Shipbuilding Industry.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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