Subscribe to RSS feedVale buys more bulkers to feed China demand
VALE, the world’s largest iron ore exporter, is looking to buy more capesize bulk carriers as it plans to boost sales of iron ore to China by 30%.
Record shipments to China in the first quarter and the collapse in vessel values have combined to accelerate the group’s shipping strategy, Vale logistics director Eduardo de Salles Bartolomeo, said.
“Our strategy is to increase our control over the maritime freight, mainly towards Asia. We now have under our control 20 ships,” he said.
“The three old ones we still have. We bought five ships and we have 12 contracts of affreightments. We see a lot of opportunities; the conversion of tankers means we will be able to secure the right type of freight as changes happen in the market,” he said.
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