Vale’s Mega Iron Ore Carrier En Route to Philippines

Dec. 27, 2011 02:22PM PST

Reuters reported one of Vale’s (SAO:VALE5) mega iron ore carriers is expected to arrive in the Philippines this week with its maiden cargo of iron ore.

As quoted in the market news:

Vale has been forced to divert its fleet of six mega vessels to the Philippines, Italy, Oman and other destinations while waiting for Beijing to give it access to Chinese ports.
The 388,000-tonne Berge Everest, leased from Singapore-based Berge Bulk, is the first of Vale’s planned fleet of 35 giant vessels to travel to Asia fully loaded with iron ore.

Click here to read the full Reuters report.

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