The company said in a statement that a deal had been signed on Friday in Beijing that creates a "strategic" framework agreement for cooperation in iron ore shipping.
The first part of the pact will see four existing 400,000-dwt very large ore carriers (VLOCs) transferred from Vale ownership to Cosco and chartered back over 25 years.
The value of that deal will not be revealed until after it closes, Vale said.
Cosco
