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China’s Valemax Ban Means Increased Iron Ore Shipping Costs for Vale
Dec. 06, 2012 11:25AM PST
Base Metals Investing Reuters reported that Vale SA (NYSE:VALE) is losing between $2 and $3 per tonne in iron ore shipping costs as a result of China’s ban on its Valemax ships. Since Vale cannot bring these ships to Chinese ports, it has to transfer its ore to smaller vessels at sea, which is more costly.
Reuters reported that Vale SA (NYSE:VALE) is losing between $2 and $3 per tonne in iron ore shipping costs as a result of China’s ban on its Valemax ships. Since Vale cannot bring these ships to Chinese ports, it has to transfer its ore to smaller vessels at sea, which is more costly.
As quoted in the market news:
The 400,000 deadweight tonne Valemax ships, designed for the China trade, should save the company $6 per tonne compared with smaller ships, [Jose Carlos] Martins[, chief of iron ore at Vale,] told investors and analysts.
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