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.