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Coscocs and Vale seal 27-year iron ore shipping transport dealCoscocs and Vale seal 27-year iron ore shipping transport deal
Newly formed conglomerate China Cosco Shipping Corporation (Coscocs) has sealed a 27-year-long contract to carry iron ore for Brazil’s state-owned mining giant Vale.
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Kalyakan - stock.adobe.com
The agreement, signed between the two companies in Beijing last Friday, will see Coscocs’ bulk business transport some 16m tonnes of iron ore each year.
“The signing of the agreement marks the commencement of a new chapter of the cooperation between the two companies,” the companies stated, cited by Reuters.
Coscocs was officially launched last month following the merger of China Cosco and China Shipping Group.
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