VLOCs to Enter Chinese Ports? VALE’s CFO Expresses Confidence

Vale expects that their massive ore carriers, the Valemax VLOCs, will soon get permission to enter Chinese ports to offload their cargos.

It should happen “within months” says Tito Martins, Vale’s Chief Financial Officer in an interview at the Reuters Global Mining and Metals Summit.

“The big vessels are here to stay, this is a technical thing and we are just waiting for the ports to be adapted to receive our ships,” Martins said.  “It’s going to happen soon.”

Vale is currently planning to build 35 of these monster ships and according to a recent release by China’s Rongsheng Shipbuilding, 11 new 400,000 DWT ore carriers will be added to Vale’s fleet by the end of 2012.  At the Summit, Mr. Martins reiterated that Vale is “in the mining business, not the shipping business”, and that much, if not the entire fleet will eventually be sold and put on long term charter contracts.

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