China COSCO Shipping Corp has reportedly ordered 10 large ore carriers at 400,000 tonnes each (VLOCs) from China State Shipbuilding Corp (CSSC), according to gCaptain.
The order has been placed to allow China Cosco to fulfil an agreement that it previously placed with Vale SA.
China Shipping and Cosco recently finalised merger plans by announcing that they will be operating as a ‘new entity’.
This was announced during a period of uncertainty in the shipping industry, with existing alliances thrown into disarray due to the Chinese carriers shaking up operations.
