Cosco to own and operate Vale VLOCs

Iron Ore Bulk Carriers

Cosco to own and operate Vale VLOCs

Vale and the China Ocean Shipping Company (Cosco), the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide, have signed a framework agreement for strategic cooperation in iron ore shipping in Beijing, China.
(ed. WoMaMarcel - 09/10/2014)
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Vale has transferred ownership of its four Very Large Ore Carriers (VLOCs) to Chinese Cosco.

Rio de Janeiro, Brazil – Four existing very large ore carriers of 400 000 t deadweight owned and currently operated by Vale will be transferred to Cosco and chartered by Vale on a long term basis for 25 years. The transaction value will be released after its closing. In addition, Vale and Cosco shall enter into a similar long term contract of affreightment which will be serviced by ten very large ore carriers of similar deadweight to be built by Cosco for the transportation of iron ore from Brazil.

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