VLOC under construction at China Rongsheng Heavy Industries. Photo: China Rongsheng
Brazilian iron ore miner Vale SA signed a strategic framework agreement with China Merchants Group, a company owned by the PRC, whereby 10 new Very Large Ore Carriers (VLOCs) will be built and placed on a 25-year charter with Vale.
This will result in approximately 4 million dwt tons in additional capacity to the global dry bulk shipping sector and be used to transport Brazilian iron ore to China.
The agreement was signed by Mr. Gurinder Singh, Vale’s Shipping and Distribution Director, and Mr. Xie Chunlin, President of China Merchants Energy Shipping Co., LTD’s and was witnessed by Mr. Claudio Alves, Vale’s Global Director of Iron Ore Marketing & Sales, and Mr. Su Xingang, China Merchants Group’s Vice President.
This news follows a similar agreement on 11 September where four existing VLOCs owned by Vale were agreed to be sold to China COSCO and chartered back to Vale under a 25 year contract.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,821 members that receive our newsletter.
Have a news tip? Let us know.
By Jenny Leonard and Jennifer A. Dlouhy Feb 21, 2025 (Bloomberg) –The Trump administration is proposing fees on the use of China’s commercial ships it says could help counter the country’s...
When President Donald Trump sat down to lunch with his Japanese counterpart this month, talk turned quickly to how Tokyo could help realise a decades-old proposal to unlock gas in Alaska and ship it to U.S. allies in Asia.
Swedish and Finnish police are investigating a suspected case of sabotage of an undersea telecoms cable in the Baltic Sea, and Sweden's coast guard has deployed a vessel to the area where multiple seabed cables have been damaged in recent months.
Maritime and offshore news trusted by our 108,821 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
