Dry Bulk Market Prospects Worsen After Brazil Dam Disaster, Golden Ocean Says

OSLO, Feb 19 (Reuters) - The prospects of dry bulk shippers carrying iron ore from mines to smelters have worsened due to the accident at Vale's Brumadinho dam in Brazil, Golden Ocean said on Tuesday as it presented forecast-beating quarterly earnings. The dam in the town of Brumadinho, which contained tailings, the mud-like byproducts of iron ore mining, burst on Jan. 25, … [Read more...]

Iron Ore Rockets as Vale’s Supply Disruption Convulses Market

By Krystal Chia (Bloomberg) -- The global iron ore market was pitched into turmoil after Brazil’s Vale SA, the world’s largest producer, outlined plans to cut output after a deadly dam breach, buoying shares of rivals as investors weighed the impact of the disruption. Prices soared, with futures rallying more than 9 percent. Vale will decommission some tailings dams, curbing … [Read more...]

Vale Sells Two Very Large Ore Carriers for $178 Million

Brazilian mining company Vale SA on Wednesday said it has sold two ships with a capacity to carry 400,000 tonnes of iron ore each for a total of $178 million. The company said it received the payment on August 8 and that it is in talks to sell two remaining ships of the same class (VLOC, very large ore carriers).  Vale said it is also negotiating the sale of its … [Read more...]

Ship Photos of the Day – Vale Ships First Iron Ore from Giant S11D Mine

Brazilian mining giant Vale has shipped the first cargo of iron ore from the company's giant new mine in the Amazon known as S11D. The company said that three ships were loaded at Vale's expanded Ponta da Madeira Maritime Terminal in São Luís on Friday. The cargo included approximately 26,500 tons of iron ore that was extracted from the S11D mine, located in Canaã … [Read more...]

COSCO Shipping Orders 10 Very Large Ore Carriers

SHANGHAI, April 1 (Reuters) - China COSCO Shipping Corp has placed an order for 10 very large ore carriers (VLOC) from China State Shipbuilding Corp (CSSC), the official Xinhua news agency reported late on Thursday. The value of the contract was not disclosed, but all 10 of the vessels will be large 400,000 tonne ships, Xinhua said. The vessels would help COSCO Shipping … [Read more...]