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JINAN -- A large shipping company in East China signed an iron ore transport deal on Thursday, with the world's top iron ore miner Vale, worth over $500 million, company sources said.
Under the deals, Vale have delivered four 400,000-ton ore vessels to an alliance initiated by Shandong Shipping to operate.
Established in 2010, Shandong Shipping has 24 vessels including those under construction with a total of over 4 million dead weight tonnage.
Previously, the Chinese company has signed a ten year deal with BHP Billiton.