China COSCO, Vale sign agreement on iron ore shipping
Source: www.chinamining.org Citation: Xinhua Date: March 21, 2016
China COSCO Shipping Corp Ltd and Brazilian miner Vale on Friday signed an agreement on iron ore shipping, the latest cooperation between the two companies.
COSCO`s subsidiary China Ore Shipping will ship around 16 million tons of iron ore for Vale annually for the next 27 years.
China COSCO Shipping Corporation is a new company formed by the restructuring of China`s top two shipping firms, officially established in February.
By amalgamating COSCO and China Shipping, the new conglomerate has the world`s largest total shipping capacity and the fourth biggest container fleet.
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