Brazilian iron ore mining giant Vale has announced that it has secured a total of $1.23 billion in loans from the Export-Import Bank of China (China Eximbank) and Bank of China (BOC) to purchase 12 vessels used for the shipment of iron ore from a private sector Chinese shipbuilding plant, namely, Jiangsu Province-based Rongsheng Heavy Industries Group.
The loans will be delivered to the Brazilian company by installments in the next three years, to be repaid over a period of thirteen years.
The ship vessels ordered by Vale each have a capacity of 400,000 dwt. The total value of the contract signed by Vale and the Chinese shipyard is $1.6 billion.