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Vale and Cosco in billion dollar VLOC deal

Brazilian mining giant Vale has sold eight of its large dry bulk vessels, VLOCs, to carriers including Cosco as part of a comprehensive cooperation agreement.

Photo: Vale

Brazil's Vale, the world's top iron ore producer, has sold a total of eight of the mining company's VLOCs - Very Large Ore Carriers - to China's Cosco and China Merchants Energy Shipping Group (CMES).

This transaction is part of a large-scale collaborative agreement to transport iron ore from Brazil to China, just as the Brazilian company has secured billion-dollar loans and new guarantees from the Export-Import Bank of China. The agreement aims to support the partnership with the two Chinese companies and includes upwards of USD four billion in syndicated and bilateral loans, export credit and other financial instruments, says Vale according to Bloomberg.

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