CMES, ICBC Leasing to Jointly Order Six VLOCs

Ore carrierImage Courtesy: Vale

Chinese companies ICBC Financial Leasing and China Merchants Energy Shipping (CMES) have formed a joint venture to order six very large ore carriers (VLOCs).

The parties informed that they would spend around USD 69.5 million per ship, totalling USD 417 million for the batch, of which USD 125.1 million would be from CMES.

The joint venture, in which CMES will hold a 30 percent share, would own the new 325,000 dwt units.

China Merchants Energy Shipping and ICBC started working together in the field of very large ore carriers back in 2016.

The units were ordered to serve a long-term transport agreement signed in April 2016 with Brazilian mining giant Vale.

Under the contract of affreightment (COA), which spans over a 27-year period, ICBC is to transport about 16 million tons of iron ore annually for Vale from Brazil to China starting from the first half of 2018.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2019 >>
MTWTFSS
28 29 30 31 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 1 2 3

GREENTECH IN SHIPPING GLOBAL FORUM

The mindset of sustainability and efficiency is the key to unlocking successful business…

read more >

LNG2019

LNG2019 features the largest number and highest level of LNG industry leaders.

read more >

Singapore Maritime Week (SMW) 2019

very year, SMW gathers the international maritime community for a week of flagship conferences…

read more >