China COSCO Signed a Framework Agreement with Vale
Date：11-25-2014 Source：COSCO
China COSCO Bulk Shipping (Group) Co., Ltd., a subsidiary of China COSCO, signed a framework agreement with Vale (International) Co., Ltd. in Beijing on 12 September 2014.The document was signed by Mr. Murilo Ferreira, CEO of Vale and Mr. Ye Weilong, Executive Vice President of COSCO Group and Chairman of China COSCO Bulk Shipping. The signing was witnessed by Mr. Ma Zehua, Chairman of the Board of COSCO Group and Mr. Li Yunpeng, President of COSCO Group.
Under the agreement, Vale shall provide a 25-year contract of ore transportation to China COSCO Bulk Shipping. Accordingly, China COSCO Bulk Shipping shall build 10 large ore carriers for Vale and acquire 4 large ore carriers currently owned and operated by Vale.
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