Sinotrans and E.R. Group signed agreements towards a long term cooperation of their bulk activities, the company said in its press release. E.R. Group sold two of its ten modern Capesize vessels to Sinotrans for USD 49.25 million each. A third vessel, the "E.R. Buenos Aires", will start a medium term time charter with the Hong Kong based operator from 1st quarter 2015. The "E.R. Brazil" and "E.R. Beilun" will be delivered to their new owner early next month. All three vessels have a deadweight of about 180,000 tons each. They were built by Hyundai Heavy Industries in 2010. Sinotrans CEO Li Hua commented: "We are very pleased to cooperate closely with one of Germany’s best shipping companies." E.R. Group's CEO Jochen Klösges said: "We are pleased to have deepened our cooperation with the Sinotrans Group and look forward to further strengthening the ties between our companies across a variety of activities in the future."
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