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Vale, ICBC Leasing pen 27-year charter deal for 10 VLOCs

Vale, ICBC Leasing pen 27-year charter deal for 10 VLOCs
Brazil’s Vale and China’s ICBC Financial Leasing have penned contracts of affreightment (COA) for the transportation of iron ore over a long term 27-year period.

Vale, the state-owned mining giant, announced last Friday that ICBC will transport about 16m tonnes of iron ore for each year as of the first half of 2018. The COA will utilise ten 400,000 dwt VLOCs ordered by the Chinese financial institution.

“These contracts of affreightment with ICBC are another great example of meaningful, long-term partnerships that have been struck between Vale and China,” said Claudio Alves, global director, iron ore marketing & sales, Vale.

The deal follows similar ones between Vale and Coscocs and China Merchants Energy Shipping (CMES) in recent weeks.

Coscocs, CMES and ICBC have ordered 30 valemaxes in total, or 10 for each, at various Chinese shipyards.