Vale to Build 12 Very Large Ore Carriers

Wednesday, September 15, 2010

Vale announced that it has entered into agreements with The Export-Import Bank of China and the Bank of China Limited for the financing to build 12 very large ore carriers with 400,000 dwt (Chinamax vessels) at the Rongsheng Chinese shipyard.

The two Chinese financial institutions will provide a credit line of up to $1.2b, which corresponds to 80% of the amount required to fund the construction of the vessels. The credit line has a 13-year total term to be repaid, and the funds will be disbursed during the next 3 years according to the construction schedule.

This agreement is part of a broader financing package for our investment program involving official credit institutions from several countries. It supports our growth initiatives to the extent that it contains proper conditions for the financing of our mining and logistics projects, such as low costs and long maturities, thus contributing to enhance their potential to generate substantial shareholder value.


 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

DNV GL Holds Hearing of Ahead of New Rules Launch

More than 800 customers and stakeholders will receive the new DNV GL rules today as part of an external hearing process before their publication and entry into force.

IRClass Offers EEDI Validation Service

IRClass (Indian Register of Shipping) has recently included Energy Efficiency Design Index (EEDI) validation to its service offerings. This is in response to the

News

First ME-LGI Engine Test Deemed a Success

Mitsui tests first commercial model on HFO and methanol   MAN Diesel & Turbo licensee Mitsui Engineering & Shipbuilding Co., Ltd. (MES) recently demonstrated

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

UK Navy’s Ice Patrol Ship Gets a New Coating

U.K. Royal Navy Ice Patrol Ship HMS Protector is deployed on operations for 330 days a year, mostly in the Antarctic region, making it essential that her underwater

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1454 sec (7 req/sec)