Vale, Cosco agree to cooperate on iron ore shipping
SHANGHAI, Sept 12 (Reuters) - Brazilian miner Vale SA and China Ocean Shipping Co have agreed to cooperate on iron ore shipping, signalling a thawing of relations two years after Vale's mega dry bulk carriers were barred from China's ports.
Vale said on Friday it would transfer four very large iron ore carriers of 400,000 deadweight tons to Cosco, the state-owned parent of China's largest dry bulk shipper China COSCO , which it would lease back, or charter, for 25 years.
It said it would release the transaction value after the deal's closing. Vale also said it had signed a long-term contract with Cosco to use 10 very large ore carriers, of similar size and to be built by Cosco, to transport iron ore from Brazil. (Reporting by Brenda Goh; Editing by David Holmes)
© Thomson Reuters 2016 All rights reserved.