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COSCO- Baosteel sign three long term contracts

COSCO- Baosteel sign three long term contracts

Shanghai: The China Ocean Shipping Company (COSCO) has announced that it has signed three long-term coal transportation agreements with Shanghai based Baoshan Iron & Steel Group (Baosteel). Although financial details of the agreements remain confidential, the contracts also cover a tailor-made iron ore service between Brasil/China for 20 years using 300,000dwt vessels, a three year Coordinated Operation Agreement (COA) and nine years of coastal service.

The signing ceremony (pictured) was attended by COSCO president and ceo Captain Wei Jiafu and Baosteel Group chairman Xu Lejiang.

In a statement, COSCO said, "As close partners, COSCO and Baosteel have been dedicated to building and promoting the strategic cooperation over past years. This event, as another initiative to implement the framework agreement of strategic partnership, has brought the mutual cooperation into a new stage."  [07/08/07]