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Vale Says Potential Sale of World’s Largest Ore Ships ‘Won’t Carry Loss’
Sep. 07, 2011 11:37AM PST
Base Metals Investing Bloomberg reports Vale SA (NYSE:VALE) said it won’t “carry a loss” from the potential sale of its fleet of the biggest commodity carriers.
Bloomberg reports Vale SA (NYSE:VALE) said it won’t “carry a loss” from the potential sale of its fleet of the biggest commodity carriers.
The market news is quoted as saying,
Vale started buying ships and ordering new ones in 2008 and 2009, seeking to control its freight costs and better manage iron-ore prices to compete with Australian suppliers to China, the biggest market for the commodity used in steelmaking.
Chinese ship owners are lobbying the government to stop Vale hauling ore on its own vessels, because it would allow the mining company to control the freight market, Zhang Shouguo, executive vice chairman of the China Shipowners Association, said in an interview in July.
