Vale Says Giant Iron Ore Carrier, Sent to Italy, to Go to China as Needed

Bloomberg reports Vale SA (NYSE:VALE) is building a fleet of iron-ore carriers and plans for the first ships to go to China and Italy.

The market news is quoted as saying,

The 362-meter (1,187 foot) Vale Brasil, three times the length of a football field, will “undoubtedly” go to China whenever the miner needs to send iron ore to its biggest consumer, Murilo Ferreira, Vale’s chief executive officer, said in an interview in Rio de Janeiro yesterday. The ship was diverted from its original destination of Dalian because of draft restrictions at the Chinese port and a request from a European customer that needed the steel-making ingredient.

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