China Cosco Shipping Group orders 10 valemaxes

CHINA Cosco Shipping Group has inked a contract with China State Shipbuilding Corp to build 10 valemaxes.

News ID: 63191

Date: 22 April 2016 - 11:10

According to MANA,The giant bulk carriers will all be constructed at CSSC’s flagship yard, Shanghai Waigaoqiao Shipbuilding, CCSG said in a press release.
“The orders are placed to serve the 27-year contract of affreightment signed with Vale to ship 16m tonnes of iron ore per year,” it added
“(It) is a concrete measure for state-owned enterprises to… make joint efforts to tackle the severe challenges faced by traditional industries,”
CCSG, China’s biggest shipping conglomerate, sealed the COA with the Brazilian miner on March 18.
China Merchants Shipping Energy, the bulker and tanker unit of China Merchants Group, signed a similar COA earlier this month, having also ordered 10 valemaxes, four from SWS, four from Qingdao Beihai Shipbuilding Heavy Industry and two from China Merchants Heavy Industry (Jiangsu).