Iranian Ship Linked to Houthi Attacks Heads Home Amid Tensions
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
The world’s largest producer of iron ore said in a statement the details of the contract had not yet been finalised and will be released in the coming months.
In a separate statement on Tuesday, the miner said it had completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. Vale said it expected to receive the $445 million from the sale in June.
Vale is in the process of selling its ore carriers, known as VLOCs or Valemaxes, as it looks to raise cash and improve relations with China’s shipping companies which had previously lobbied to block access of the ships to Chinese ports.
The 400,000-deadweight-tonnne vessels are some of the largest ships ever built. They were designed to help reduce the cost of shipping ore to China from Brazil, helping Vale better compete with Australian rivals who are closer to the largest market for the steelmaking ingredient. (Reporting by Stephen Eisenhammer; Editing by Marguerita Choy)
© 2015 Thomson Reuters. All rights reserved.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,983 members that receive our newsletter.
Have a news tip? Let us know.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign UpMaritime and offshore news trusted by our 105,983 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up