No boycott and Vale hopes ban to be lifted
By Richard Fu |
May 23, 2012, Wednesday
|
Print Edition
Print Edition
BRAZILIAN iron ore miner Vale SA is not boycotting Chinese ships and is hopeful that talks with authorities about lifting a ban on its ships calling at domestic ports will conclude soon.
Vale also said yesterday that it is not to be blamed for the overcapacity in the dry bulk market.
It will continue talks with China for permission for its own mega vessels to call at Chinese ports.
China's COSCO has reportedly claimed that Vale had stopped hiring its ships in retaliation for China's ban on its Valemax ships which are very large ore carriers of 400,000 deadweight tons, the largest bulk carriers ever built.
"There has been 17 calls by COSCO vessels from the beginning of this year to our ports. Seven of them were chartered by Vale," Gurinder Singh, Vale's director for shipping and distribution, said at the TradeWinds Shipping China conference. "So you can do the maths yourself."
He added Chinese-owned ships handled 31 percent of Vale's exports to China last year, up from 19 percent in 2009.
With a fleet of 35 Valemaxes, the firm aims to cut costs of shipping ore to China as it competes with Australian miners BHP Billiton and Rio Tinto. China earlier this year banned Valemaxes from calling at Chinese ports on safety grounds.
Singh also said that it's wrong to blame Vale for the overcapacity in the dry bulk market because it was the "reckless investment" by shipowners that led to the depressed rates.
Vale also said yesterday that it is not to be blamed for the overcapacity in the dry bulk market.
It will continue talks with China for permission for its own mega vessels to call at Chinese ports.
China's COSCO has reportedly claimed that Vale had stopped hiring its ships in retaliation for China's ban on its Valemax ships which are very large ore carriers of 400,000 deadweight tons, the largest bulk carriers ever built.
"There has been 17 calls by COSCO vessels from the beginning of this year to our ports. Seven of them were chartered by Vale," Gurinder Singh, Vale's director for shipping and distribution, said at the TradeWinds Shipping China conference. "So you can do the maths yourself."
He added Chinese-owned ships handled 31 percent of Vale's exports to China last year, up from 19 percent in 2009.
With a fleet of 35 Valemaxes, the firm aims to cut costs of shipping ore to China as it competes with Australian miners BHP Billiton and Rio Tinto. China earlier this year banned Valemaxes from calling at Chinese ports on safety grounds.
Singh also said that it's wrong to blame Vale for the overcapacity in the dry bulk market because it was the "reckless investment" by shipowners that led to the depressed rates.
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