A large shipping company in east China signed an iron ore transport deal, with the world's top iron ore miner Vale, worth over 500 million USD, company sources said.
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Shandong Shipping Corporation also inked a strategic cooperation agreement with the Brazilian giant here in Qingdao City, Shandong Province, where Shandong Shipping is based.
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Under the deals, Vale have delivered four 400,000-tonne ore vessels to an alliance initiated by Shandong Shipping to operate.
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Established in 2010, Shandong Shipping has 24 vessels including those under construction with a total of over 4 million dead weight tonnage.
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Previously, the Chinese company has signed a ten year deal with BHP Billiton.