China COSCO, Vale sign agreement on iron ore shipping

China COSCO Shipping Corp and Brazilian miner Vale signed an agreement on iron ore shipping, the latest cooperation between the two companies, Xinhua reported on its website.

It said COSCO’s subsidiary China Or Shipping will ship around 16 million tonnes of iron ore from Vale annually for the next 27 years.

China COSCO Shipping Corporation is a new company formed by the restructuring of China’stop two shipping firms, officially established in February.

The new company has the world’s largest total shipping capacity and the fourth-biggest container fleet.

 

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