COSCO Says Vale Giving its Bulkers the Cold Shoulder
Cosco says Vale shuns Its vessels because of China's ban on Vale's mega-ships
Bloomberg News reports that China Ocean Shipping (Group) Co., the nation’s biggest operator of dry-bulk ships, has said Vale SA (VALE3) was refusing to use its vessels in protest over a Chinese Government ban on the Brazilian miner’s mega-ships.
The state-owned company, known as 'Cosco', expects a “big” impact on operations from the boycott and it’s considering filing a complaint with China’s Ministry of Commerce, President Ma Zehua stated in Beijing. Vale, the world’s biggest iron-ore producer, has shunned unit China Cosco Holdings Co.’s fleet for about two months, even if it meant using more expensive ships from other owners, Ma Zehua said.