China Merchants Energy Shipping (CMES) has signed a 20-year contract of affreightment (COA) with Brazilian mining giant Vale through its subsidiary Hong Kong Ming Hah Shipping, with an option to extend the deal for additional five years.
Image: Vale
The COA will see about 6 million dwt of iron ore transported from Brazil to China each year.
The signing follows a deal where CMES acquired four 400,000-dwt valemaxes from Vale in July. It also established a subsidiary China VLOC to own and operate the vessels acquired from Vale.
Source: splash247.com