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<< Back 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 China’s demand, 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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