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CMES seals valemax charter deal with Vale

CMES seals valemax charter deal with Vale
China Merchants Energy Shipping (CMES) has entered into a 20-year contract of affreightment (COA) with Brazil’s mining giant Vale, using the 390,000 dwt mega-sized VLOCs.

The long term COA comes with a five-year extension option, and approximately 6m dwt of iron ore are expected to be transported each year from Brazil to China.

The latest deal follows an earlier transaction where CMES agreed to purchase four VLOCs, or valemaxes, from Vale at a price of $448m.

CMES has also established a wholly-owned subsidiary based in Hong Kong to own and operate the giant bulk carriers.