Vale Signs Iron-Ore Agreement With Chinese Shipper Cosco
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Vale SA signed an accord with China Ocean Shipping Co. to transport iron-ore with giant vessels known as Valemax as the world’s largest producer seeks to curb costs amid slumping prices of the steel-making ingredient.
Vale will transfer four of its 400,000-metric ton vessels to Cosco, as China’s largest shipper is known, and charter them for 25 years, the Rio de Janeiro-based miner said in a statement today. Cosco will also build 10 vessels of similar size to ship Vale’s iron ore. No financial terms were given.