Korea Line Corporation, part of Samra Midas Group, has signed a long-term contract of affreightment with Brazilian miner Vale, the company revealed.

The 25-year-long deal will see two bulk carriers transport iron ore from Brazil to China.

The deal is worth USD 608 million, according to Korea Line.

The two 325,000 dwt bulkers were ordered in October 2017 from Hyundai Heavy Industries (HHI) and are scheduled for delivery at the start of 2020, when they will start working for Vale.

The two bulker newbuildings will cost the shipping company around KRW 184.8 billion (USD 164 million).

While announcing the shipbuilding contract last year, Korea Line said the newbuilding duo would be chartered out to an undisclosed third party for a 25-year long term. However, Vale was rumored to be behind the deal.

Vale has embarked on an ambitious hiring campaign having inked deals for up to 30 Valemax newbuilds with seven different shipping companies.

The companies in question include Chinese joint venture between ICBC Leasing and China Merchants, Pan Ocean, H Line Shipping, SK Shipping, and Polaris Shipping.

World Maritime News Staff

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