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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.

Lee Hong Liang, Asia Correspondent

September 28, 2015

1 Min Read

Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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