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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.
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