Vale In The Process Of Soothing Relations With China
Brazilian mining giant Vale SA is inviting Chinese ship owners to join an initiative to develop super vessels as it seeks to soothe relations amid an ongoing conflict that has repercussions for industries ranging from ports and shipping to shipbuilding and steel.
Vale, the world’s largest iron ore exporter, is building a fleet of 35 “very large ore carriers” to save on costs of shipping ore to China. The VLOC is the world’s biggest dry bulk vessel, with a cargo capacity of up to 400,000 tons.The Chinese Shipowners’ Association has spurned Vale’s initiative, citing the potential impact on loss-making domestic shipping companies and safety problems. Lobbied by the association, the Ministry of Transport issued a ruling that bans dry bulk ships of more than 350,000 deadweight tons from docking at Chinese ports.