Brazilian mining group Vale has firmed up long-term contracts of affreightment (COAs) for at least 30 very large ore carrier (VLOC) newbuildings with seven shipping companies.
South Korea’s Polaris Shipping, Pan Ocean, H-Line Shipping, SK Shipping and Korea Line Corp, plus China’s ICBC Financial Leasing (ICBC FL) and China Ore Shipping (Cosco) have secured COA deals of 20 to 25 years, informed sources say.
