Vale signs iron ore shipment deal with another Chinese shipping firm

Vale has signed a “contract of affreightment” (COA) with China Merchants Energy Shipping (CMES) for iron ore shipments, following a similar deal reached last week with China Cosco Shipping.

According to media reports, CMES should transport 16 million mt of iron ore from Brazil to China over a period of up to 27 years.

Shipments are expected to begin in H1 2018, and will include transportation of manganese, according to media reports.

Meanwhile, Roger Agnelli, a former Vale CEO and the Brazilian banker who turned the miner into the world's No. 1 iron ore producer, died on Saturday in a plane crash. He was 56. Agnelli’s family, including wife Andreia, daughter Anna and son Joao also died in the crash.