Vale SA Says Iron-Ore Shipping Costs More Than Double

Bloomberg reported that Vale SA more than doubled its expenses on maritime freight, which amounted to $387M, in the last quarter because it shipped more iron ore on its own growing fleet.

As quoted in the market news:

Vale is spending $2.3 billion to build its own 19 Valemaxes, the world’s biggest-ever ore carriers that each hold 400,000 tons, more than twice as much as conventional ships, to manage its shipping costs to Asia, its biggest market.

Click here to read the full Bloomberg report.