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Name | Symbol | Market | Type |
---|---|---|---|
Vale SA | NYSE:VALE | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.64% | 12.67 | 12.88 | 12.69 | 12.80 | 24,023,775 | 00:23:09 |
By Joanne Chiu
China's biggest shipping firms have signed a long-term iron-ore shipping contract with Brazilian mining giant Vale SA (VALE), the latest in a string of deals announced during Chinese Premier Li Keqiang's state-visit to Brazil.
Mr. Li kicked off a tour of South America on Tuesday by unveiling billions of dollars in financing and trade agreements for Brazil's biggest companies, part of a broader effort to deepen ties with the region despite an economic slowdown.
China Ore Shipping Pte.--a joint venture between China Cosco Holdings Co. (1919.HK) and China Shipping Development Co. (1138.HK)--has signed a 20-year pact with Vale, under which Vale will charter ships owned by China Ore Shipping to transport the steel-making raw material to the world's second-largest economy.
The pact comes after the Hong Kong- and Shanghai-listed flagship of China Ocean Shipping (Group) Co. said Wednesday that China Ore Shipping, which is 51%-owned by China Cosco, has agreed to buy four very large ore carriers from Vale for US$445 million. China Shipping Development holds a 49% stake in China Ore Shipping.
The contract includes an option to extend tenure by five years, the two Chinese shipping companies said.
Trade in both China Cosco and China Shipping Development shares will resume in Hong Kong Thursday, after they were suspended Wednesday.
Write to Joanne Chiu at joanne.chiu@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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