 As a result, Vale decided to sell the ships and charter them back under long-term contracts.Although Vale was expected to suffer financial losses from selling the ships, they would have been covered by the profit from iron ore sales even at depressed ore prices if only one or two full shipments could be unloaded in Chinese ports.In September 2014, Vale signed a framework agreement for strategic co-operation in iron ore shipping with the state-owned China Ocean Shipping (Group) Company (COSCO).