Bazil's Vale, China's CMES Sign VLOCs Agreement
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 of the contract had not yet been finalized and will be released in the coming months. "No price has yet been disclosed for the four vessels. Vale says the terms and conditions of the contract are still under discussion, but the deal should be finalized in the coming months," says the statement. The first agreement between the two companies was signed on 26 September 2014. According to Vale, the contract details are still under discussion and the agreement with CMES should be completed in the coming months.
First Valemax Ship to Discharge in Malaysia
Reuters - Brazil's Vale SA will launch in March the first phase of its iron ore storage and distribution center in Malaysia that will improve its access to China, its biggest customer, a company official said on Tuesday. The world's top iron ore miner, whose huge Valemax vessels are banned from Chinese ports, built the Malaysian terminal to better compete with Australian rivals Rio Tinto and BHP Billiton. The 400,000-deadweight metric ton (dwt) vessels, the world's biggest bulk carriers…
China Shipyard Denies Stories on Vale's VLOC Orders
China Rongsheng Heavy Industries denies a report distributed by Jinji Cankao Bao on its VLOC newbuildings for Vale S.A. China Rongsheng Heavy Industries Group Holdings Limited offically denies the false report of “Vale declined to receive three VLOCs built by Rongsheng Heavy Industries” distributed by Jinji Cankao Bao. In order to benefit shareholders, ship-owners and ourselves, the Group always takes swift and necessary actions on clarifying unfounded rumors in the market. According to the Jinji Cankao Bao’s report, “Rongsheng Heavy Industries, the second largest shipbuilder in China, has already completed three VLOCs ordered by Vale. However, these vessels have been delayed delivery from Vale because of various reasons, and they are still docking in the Rongsheng’s wharf”.
China Ore Exports Slump – Vale Giant Carriers Idle
Bulk iron ore carriers, Vale China & Vale Brasil in Subic Bay, Philippines, await orders Vale SA, the biggest producer of iron ore, idled two of the world’s largest carriers of the commodity for as long as a month and delayed taking delivery of two new vessels after Brazilian cargoes to China slumped, according to a recent Bloomberg report authored by Michelle Wiese Brockman. Vale China and Vale Brasil, both able to carry 400,000 metric tons, stayed at Subic Bay where they unloaded, according to vessel tracking data compiled by Bloomberg. A spokeswoman for Vale in Rio declined to comment, in an e-mailed response to questions, asking not to be named in line with company policy.
