20/05/2015at 09:49

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.

BY OLE ANDERSEN

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).

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Vale and Cosco in giant iron ore arrangement
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