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Vale finally lands big Chinese contract

Following a good deal of wrangling, Vale has signed a deal worth USD 500m and the company's huge VLOC dry cargo vessels will now finally be allowed to dock at Chinese ports.

Photo: Vale

A dispute between the Chinese authorities and the Brazilian mining company Vale seems to have been resolved, at least for a while, as Chinese company Shandong Shipping is set to take control of four VLOCs from Vale in a deal worth USD 500m, according to several media outlets.

There are still no details about the extent of the contract, but the Chinese charter deal could signal that the Brazilians have been forced to place operations in Chinese hands in order to get a foot in the door to the Chinese market.

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