COSCO, Vale Ink 27-year Iron Ore Transport Pact

China COSCO Shipping Corporation and Vale have signed a 27-year-long agreement that will see the Chinese shipping giant carry 16 million tonnes of iron ore per year for the Brazilian miner.

The agreement was signed between the two companies at a ceremony in Beijing on Friday, the Chinese company said in a statement.

"The signing of the agreement marks the commencement of a new chapter of the cooperation between the two companies," it said.

China COSCO Shipping Corporation was launched last month following the merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group. COSCO previously had a long-term shipping deal with Vale.

Reporting by Brenda Goh