There are contradictory reports in the international trade press about whether the Brazilian mining giant will divest of or expand its fleet of 35 very large ore carriers (VLOCs).
With a capacity ranging from 380 000 to 400 000 tonnes, these Valemax ships are the largest bulk carriers ever constructed, when measured by deadweight tonnage or length overall, and are amongst the longest ships of any type currently in service.
Earlier this year, Trade Winds reported that Vale had concluded a deal to sell four VLOCs to Cosco and expanded an agreement with China Merchants Energy Shipping (CMES) to unload four more.
And last week Lloyds List reported that Vale is now considering selling the rest of its very large ore carrier fleet as it looks to divest assets next year. The Rio de Janeiro-based company said in a statement that the potential sale of 11 carriers would “improve the balance sheet while guaranteeing long-term low cost freight”. The Brazilian mining giant, Lloyds added, is looking to raise the equivalent of R57.6 billion to R79.2bn from this and other divestments.
But, in a statement last month, the company CEO said - despite wide dismay at the current forecast for China’s steel consumption - Vale expects there to be continuing growth in China’s appetite for iron ore, and the number of Valemax carriers to reach 64 units in future.
