Vale had commissioned at least 35 VLOCs, as they are known in the shipping industry, to be built over the past decade by Asian shipbuilders, some Chinese.
The miner intended to cut its freight costs for shipping ore to China, the world’s largest producer of steel and consumer of iron ore, to better compete with rival Australian miners.
But until now, China has banned such large vessels that can carry more than 400,000 tonnes from entering its ports. Analysts expect the new deal between Vale and the Chinese shipbuilding industry to eventually facilitate the opening of mainland ports to receive ore from the VLOCs.
In the meantime Vale has pushed ahead with developing offloading projects in the Philippines and Malaysia, where ore is transferred from the large carriers on to smaller vessels before making the final leg to Chinese ports.
The VLOCs have successfully unloaded ore in Japanese, South Korean and European ports.
Similar Posts:
-
Shipping: The Giants War Results
COSCO As a result of an oversupply of vessels in the industry, the global shipping market is unlikely to see a recovery during the next two years, according to the chairman -
Bankruptcy Sea Carriers Because Of the Collapse In Freight Rates
For the second ocean carrier filed for bankruptcy after the collapse of freight rates, which led to the loss of many companies whose vessels are idle, instead of transporting iron -
IV Russian-Chinese forum “Business with China”
IV Russian-Chinese forum “Business with China” was held on 25-26 November 2014 in the exhibition complex “LENEXPO” in Saint-Petersburg, Russia. Forum “Business with China” brings together representatives of customs brokers, logistics