Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014. The transaction amounted to 445 million dollars and the amount will be received by Vale upon delivery of the vessels to Cosco, which is scheduled to take place in June 2015. Under the agreement, four VLOCs ships are transferred to the Cosco and chartered to Vale for 25 years contract. Vale is in the process of selling its ore carriers, known as VLOCs or Valemaxes, as it looks to raise cash and improve relations with China's shipping companies which had previously lobbied to block access of the ships to Chinese ports. The prohibition for Vale moor their big ships at Chinese ports last year, it was frustrating the mining company attempts to reduce freight costs and compete with Australian rivals such as BHP Billiton and Rio Tinto, which are closer to China.
Booming Capesize rates have been driven by increased Japanese steel production more than they were by the August market raid by Belgium's Bocimar when it chartered about 35 ships, according to shipping sources. Capesize spot rates have doubled over the last three months with the market now looking for $15-16,000 for a Pacific round trip, compared with about $7,500 in August. Atlantic rates have also soared, although this is partly due to the grounding of the 274
STX Shipbuilding won a $247.3m order from Europe to build two very large ore carriers, according to a Reuters report, with delivery scheduled for 2012.
Brazilian miner Vale SA reached a deal with China Ocean Shipping Co (Cosco) for transporting iron ore, a move that could help the Brazilian miner resolve a costly two-year ban on docking its mega-ships at Chinese ports. Vale said in a statement that it would transfer ownership of four very large iron ore carriers of 400,000 deadweight tons to Cosco. It would then lease them back from Cosco, the state-owned parent of top Chinese dry bulk shipper China Cosco , for 25 years.
China has amended rules around ships it will allow to berth at mainland ports, paving the way for Brazilian miner Vale to ship iron ore in its giant 400,000 deadweight tons (DWT) carriers. Vale's mega ships, the world's biggest bulk ore carriers, have been barred from China since January 2012 due to rules which disallowed ships of more than 250,000 dwt in capacity. An internal circular issued last week by the Ministry of Transport and seen by Reuters on Wednesday said it would now
China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them. CSD and Cosco’s bulk shipping division Cosco Bulk Shipping holds 49% and 51% equity shares in the JV respectively. China Ore Shipping will buy four second-hand valemax vessels from Vale Shipping Singapore Pte
Reduced demand for domestically-made steel and uneven demand for stone from the construction industry again produced a shortfall in U.S.-Flag carriage on the Great Lakes in August. Cargo movement in U.S. bottoms totaled 12,761,930 net tons, a decrease of 8.3 percent. The season-long slump has now left a gap of 6.2 million tons between the end-of-August totals in 1999 and 1998. Steel mill-bound iron ore cargo slipped below six million tons in August
Mitsui O.S.K. Lines, has launched one of the worldâ€™s largest iron ore carrier, the Brasil Maru (327,180 MT DWT). Naming and delivery ceremonies were held at the Mitsui Engineering & Shipbuilding Co., Ltd. Chiba Works on December 7, 2007. It will transport Brazilian iron ore to Japan under a long-term contract with Nippon Steel Corporation. The new ship is the third-generation of MOL vessels to carry the Brasil Maru name
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
MHI announces outline of FY 2012 first 3-month financial results ended June 30, 2012 (consolidated). Highlights from the financial report follow: Orders received ⇒ Down ¥128.9 billion: Year on Year (YOY) (¥621.3 bn → ¥492.4 bn) Overall, orders declined from a year ago, reflecting decreases in Power Systems and Machinery & Steel Infrastructure Systems, where orders were strong in the previous fiscal year. Shipbuilding & Ocean Development Segment
Brazilian mining giant Vale and the China Merchants Group (CMES) signed an expanded framework deal for strategic co-operation on iron ore shipments. Vale has agreed to sell four large iron-ore carriers to CMES. The world's largest producer of iron ore said in a statement the details
Mega-ore carrier Valemax Yuan Zhuo Hai, which is owned by China Ore Shipping, has arrived Dongjiakou Port in Qingdao for unloading iron ore. This is the first entry of such a bulk carrier tonnage in the sea port of China for the past two years.
With foreign steel now commanding nearly 32 percent of the U.S. market, it was inevitable that iron ore cargos hauled in U.S.-flag Great Lakes freighters (lakers) would take a hit, and that hit came in June, the Lake Carriers’ Association (LCA) reported. Cargos totaled 4
Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China Merchants Energy Shipping Co in September. The 400,000-deadweight-tonne ships
The push to outfit commercial vessels with energy saving equipment continues, and news out of Japan says that a Mitsubishi Energy Recovery System (MERS) supplied by Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME) was installed on a VLOC (Very Large Ore Carrier) for
Chinese shipbuilder on the SGX Main Board Yangzijiang Shipbuilding Holdings Limited announced that it has secured a shipbuilding contract for four 260,000DWT very large ore carriers (VLOC). The shipbuilding contract was secured from an Australia based ore company listed on the Australian
Sales and technical support agreement signed for Singapore and Myanmar. Eco Marine Power (EMP) announced that it has entered into a sales and support agreement with MINs Control Systems Solution Pte. Ltd. (MCSS) to sell and support EMP's renewable energy solutions for shipping in Singapore and
Brazil hopes that during a visit by Chinese President Xi Jinping it can boost ties with its biggest trade partner beyond the exchange of commodities for manufactured goods, but that may be wishful thinking. Accords China will sign with Brazil when Xi meets with President Dilma Rousseff on
China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and
Class Society Joins Joint R&D Project for Bulk Carrier Safety with Germany’s HSVA and other European Research Institutions Classification society ClassNK announced that it will join a new European Joint R&D project to ensure bulk carrier safety
Brazil's iron ore miner Vale SA said on Friday it secured a deal with China Merchants Group to lease for 25 years as many as 10 very large ore carriers, which will be built by China Merchants, to ship ore from Brazil to mainland China. Vale had commissioned at least 35 VLOCs
In December 2014, orders of Japan yard fell 37% year on year, says Japan Ship Exporters’ Association (JSEA). Japanese shipyards specialize in building dry bulk carriers. JSEA member yards secured 24 export orders totaling 1,215
China has amended its port rules to allow fully loaded 400,000-deadweight tonnes (dwt) dry bulk cargo ships to dock at the country’s mainland ports. The ban affected the type Valemax ships, cargo ships built by Vale with capacity of 400 thousand tons.
Panama’s cabinet council has approved a request by the Panama Canal Authority (ACP) to modify the canal toll structure and implement volume-based discounts for container ships. The new toll schedule will take effect April 1, 2016.
Brazilian miner Vale said on Tuesday it agreed to sell four large iron ore carriers to China Merchants Energy Shipping Co (CMES) , as it looks to raise cash in the midst of an iron ore price slump. The world's largest producer of iron ore said in a statement the details of the contract