A plan by Vale, the world’s second-largest miner by volumes, to take control of its iron ore shipments to China by building a fleet of giant new bulk carriers is in doubt amid fierce opposition from Chinese shipping lines.
The Vale Brasil, the first of a proposed fleet of 35 “Valemaxes”, as the vessels are known, has been unable to dock in China since coming into service in May because of the dispute, according to a person familiar with the matter.
“Vale Brasil is operating – it has other destinations – but for the time being it is not [going to China] because of this dispute,” said the person. The new ships, or “very large ore carriers”, represent an attempt by Vale to redefine one of the world’s most important commodities trading routes.
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