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First Valemax to unload at China port for two years will discharge iron ore

https://www.chemnet.com   Jul 02,2015 Platts
Valemax Yuan Zhuo Hai owned by China Ocean Shipping Company, or Cosco, is expected to discharge iron ore at China's Dongjiakou port Wednesday, the first Valemax to unload in China for two years, according to local media reports.

The 400,000 dwt Valemax is expected to be part-laden, having called at Vale's Subic Bay iron ore transhipment terminal in Philippines after loading its initial cargo at the miner's Brazilian Itaqui port, according to Platts vessel tracking tool, cFlow.

In a deal worth $445 million, Cosco acquired the ownership of the Yuan Zhuo Hai, as well three other Valemaxes, Yuan Zhen Hai, Yuan Shi Hai and Yuan Jian Hai, from Vale June 2. These vessels were then chartered back by Vale on a long-term basis for 25 years. In a parallel agreement, the two counter-parties also signed a 20-year contract of affreightment (renewable for another five years) for 10 Valemaxes to be built by Cosco for the transport of 6 million mt/year of iron ore and manganese into China. Up to February this year, fully-laden Valemaxes were banned from docking in Chinese ports with officials citing safety concerns. The ban was lifted by China's transport ministry when an amendment was made to the Design Code of General Layout for Sea Ports, allowing the enlistment of dry bulk cargo ships of 400,000 dwt.

The last Valemax to arrive into China was in April 2013, where it unloaded about 220,000 mt iron ore into Lianyungang port. Only one other Valemax entered Chinese waters in December 2011, where it had to unload its maiden iron ore cargo in the free-trade zone of Dalian port.
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