China Merchants locks in $2.8bn Simandou VLOC contract

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China Merchants Energy Shipping has signed a 25-year agreement worth at least $2.8 billion to transport iron ore from Guinea’s emerging Simandou trade. Its Hong Kong Ming Wah dry-bulk arm will provide six very large ore carriers under the contract.

China Merchants Energy Shipping has locked in a major piece of the emerging Simandou iron ore trade, signing a 25-year transport agreement worth at least $2.8bn. Shanghai-listed CMES said that its dry bulk arm, Hong Kong Ming Wah, has signed the long-term transportation agreement with a customer covering six very large ore carriers (VLOCs), with …