Vale deploys capesizes for floating storage off Asia

BRAZIL miner Vale could use five recently chartered capesize vessels to store as much as 885,000 tonnes of iron ore off Asia’s coast, the second time it has used this strategy in last 18 months to deliver iron ore at a quick premium to steel mills. A Hong Kong broker speculated Vale is betting on changed market conditions by early September.

“We’ve been trying to figure out what Vale is up to with these fixtures. The likely answer is that they are bound for floating storage outside China or Malaysia,” the broker said.
Vale last used up to 15 ships for...

This full article is available to Lloyd's List DCN subscribers only.

If you are already a subscriber, please sign in below.

If you're not a subscriber and would like to experience the full benefits of Lloyd's List DCN with a 14 day trial, please click here.

Alternatively, click here to subscribe.

Please log in

Forgot your password?

If you have forgotten your password, click here to retrieve it.

Login Name

Password

Daily Top Stories

• Rena officers sent to prison
• New salvage facility for Cairns
• Worker dies in Newcastle wharf tragedy
• Major supramax markets diverge
• Panama Canal fees hike planned for July
• 12% of world tanker fleet facing scrapping