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.