Brazil’s Vale and China’s ICBC Financial Leasing have inked a contract of affreightment (COA) for the transport of iron ore from Brazil to China, following similar deals Vale closed with other Chinese companies.
Under the terms of the deal, ICBC will transport about 16 million mt of the commodity for the Brazilian mine each year. The 27-year agreement starts in H1 2018.
ICBC Financial Leasing was among several Chinese companies that ordered Valemaxes in a combined $2.5 billion deal, as previously reported by SteelOrbis.