COSCOCS Unveils Name of Sixth Valemax Unit
China COSCO Shipping Corporation (COSCOCS) held a naming ceremony for its sixth Valemax very large ore carrier (VLOC) in Yangzhou on April 18.
The 400,000 dwt Yuan Shen Hai is one of ten VLOCs Shanghai Waigaoqiao Shipbuilding (SWS) will deliver to COSCO under a contract 2016.
Measuring 362 meters in length and 65 meters in breadth, the Singapore-flagged Yuan Shen Hai will transport iron ore from Brazil to China under a 27-year agreement COSCOCS entered with Brazilian miner Vale.
The remaining four Valemaxes for COSCOCS are all scheduled to be delivered by the end of 2019.
The deal between COSCOCS and SWS is part of a bigger, 30-vessel order that Chinese owners Cosco Group, China Merchants Energy Shipping (CMES) and ICBC Financial Leasing Co have placed with four separate shipbuilders.
ICBC and CMES later agreed to join forces on the VLOC project with the aim of reducing operational risks.
The Valemax fleet is expected to give Chinese carriers control of about 30% of total iron-ore imports into the country in terms of volume.
World Maritime News