Vale, ICBC Sign Long-Term Iron Ore Transport Deal

Brazilian mining major Vale has signed a 27-year iron ore transport deal with ICBC Financial Leasing, the leasing arm of Industrial and Commercial Bank of China.

Under the contract of affreightment (COA), ICBC will transport about 16 million tons of iron ore annually for Vale from Brazil to China starting from the first half of 2018, Sinocast reports.

The deal is the third in a row Vale recently entered into with Chinese partners.

In March, China COSCO Shipping Corporation (COSCOCS) penned a 27-year agreement with Vale that will see the Chinese shipping giant transport 16 million tons of iron ore for Vale on annual basis. The contract was followed by a similar deal signed by China Merchants Energy Shipping for the same duration.

The third contract, reported to have been signed today, comes as a confirmation of the previous reports saying that Chinese shipping companies Cosco Group, China Merchants Group and ICBC Financial Leasing Co. had stacked up orders for 30 Valemax ore carriers worth a total of USD 2.5 billion.

The trio is said to have ordered 10 ships respectively at local yards, namely Shanghai Waigaoqiao Shipbuilding, Beihai Shipbuilding, CIC Jiangsu and Yangzijiang Shipbuilding.

The 30-strong Valemax fleet is slated for completion and delivery in 2018.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >