China COSCO, Vale sign agreement on iron ore shipping
Updated: 2016-03-19 13:29
BEIJING - 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.