In Shanghai the owner 
Group, the new entity from the merger date of last February 18 Chinese groups COSCO and China Shipping, has signed a strategic cooperation agreement with China State Shipbuilding shipbuilding Group Corporation (CSSC), which in the past the COSCO group had signed similar agreements.
The occasion was also signed a contract for the construction of ten new Very Large Ore Carrier (VLOC) of 400,000 deadweight tons. The ten ships will be built by Shanghai Waigaoqiao Shipbuilding Company shipyard Co .. The vessels will be used as part of the contract recently signed by China COSCO Shipping Corporation with the Brazilian mining group Vale to transport 16 million tonnes of iron ore per year for a period of 27 years.
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