Shougang-CVRD to set shipping fleet

SteelOrbis Shanghai Sources report that China's Beijing-based major steelmaker Shougang will cooperate with Brazilian iron miner CVRD on the shipping field. The two parties will build a shipping fleet, specially serving the iron ore shipping from CVRD to Caofeidian, China. Some Shougang insiders indicated that the total freighter costs of their own fleet would be around $10/mt, 50 percent lower than the average freighter of $22-24/mt. This means that the plan will cut down the costs dramatically.