Vale, China to Build Over 50 Giant Bulk Carriers

Iron Investing

The Wall Street Journal reported that Vale SA, along with Chinese shipbuilders and leasing companies, plans to build around 50 giant bulk carriers that would move iron ore from Brazil to China.

The Wall Street Journal reported that Vale SA (NYSE:VALE), along with Chinese shipbuilders and leasing companies, plans to build around 50 giant bulk carriers that would move iron ore from Brazil to China.

As quoted in the market news,

A Vale spokeswoman denied the company was in talks to have the new vessels built, but the people involved said Chinese shipping company China Colsco Holdings Co.may build around 20 of the ships, while ship financier Shandong Shipping Corp., ICBC International Leasing Ltd. and China Merchants Energy Shipping Co.may build 10 ships each.

Click here for the full The Wall Street Journal report

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