Report: Valemax Vessels Could Call Other Ports
December 21, 2011
Vale SA, the iron-ore producer building a fleet of the world’s largest commodities ships, said its Vvalemax vessels carrying the raw material can stop at other countries if not allowed to enter Chinese ports, according to a Bloomberg report. The fleet, which will have the capacity to transport about 60 million metric tons of iron ore per year once fully in operation, can serve alternative ports including those in Malaysia and Oman. Vale is spending a reported $8.1b on the valemax vessels, including buying 19 very large ore carriers and leasing another 16 in long-term contracts, as it seeks lower freight costs from Brazil to China, its biggest market. The China Shipowners Association, whose members control about 80 percent of the nation’s shipping capacity, advised companies not to use the vessels, according the news service.
