Vale Says Discussions 'Going On' Over China Valemax Access
Wednesday, 23 May 2012 | 00:00
Brazilian miner Vale SA (VALE) is still in discussions with China about securing access to Chinese ports for its giant 'Valemax' ships, the company's director of shipping and distribution said Tuesday.
Speaking at a shipping conference in Shanghai, Gurinder Singh said he expects the discussions to "be over soon."
"There are issues and concerns... but like every new thing it takes time to implement," Singh said.
The Valemax ships-a class also known as "very large ore carriers," or VLOCs-have a capacity of 400,000 deadweight tons. They can help reduce the Brazilian miner's shipping costs to China.
Vale is taking delivery of the super vessels in spite of a ban imposed by China in January on this class of ship entering Chinese ports.
Regarding reports that Vale had boycotted ships owned by China Ocean Shipping (Group) Co., known as Cosco, Singh said, "we have nothing to boycott against."
Chinese shipowners are accounting for an increasing volume of Vale cargo, he added.
Source: Dow Jones
There are no comments available.