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Cosco orders new giant bulk vessels

The new Chinese behemoth confirmed an order on Thursday for ten of the world's largest dry bulk vessels, writes China Daily.

Photo: Vale

China Cosco Shipping Corp has, according to China Daily, confirmed on Thursday an order for 10 of the world's largest dry bulk vessels, the so-called Valemax ships, which will be built at the Chinese shipyard China State Shipbuilding Corporation. A similar order was recently made by China Merchants Energy Shipping.

The orders are part of a major deal with the largest mining company in the world, Brazil's Vale, and the Chinese shipping industry for the transport of iron ore from Brazil to China. A cooperation, which could have extensive consequences for big parts of the dry bulk industry, when these giant vessels take a huge bite out of the transports to China.

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