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U-Ming Marine Transport Corp. has signed a 25-year shipping contract with Vale of Brazil.      [2018-02-02]

U-Ming Marine Transport Corp. has signed a 25-year shipping contract with Vale of Brazil, the largest iron ore producer. The contract value is anticipated to be more than USD 600 million. In order to support the order, U-Ming has ordered two 325,000 dwt very large ore carriers (VLOC) from China’s Qingdao Beihai Shipyard.

 

China imported 1.0814 billion tons iron ore in 2017, increasing by 5.5% YoY, among which 20% was imported from Brazil. To meet the , iron ore mines continue to expand production. According to Australia government’s estimates, the total iron ore export worldwide in 2019 will reach 1.378 billion tons, a 7% growth compared to 2017, of which Vale’s S11D mine will reach a capacity of 90 million tons per annum with Fe content up to 66.7%.The total iron ore export from Brazil in 2019 is expected to be 10% higher than that of 2017.


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