Brokers: Vale Tied to Up to 30 New Valemaxes

Image Courtesy: Vale

Brazilian miner Vale has been linked to a time charter deal for up to 30 Valemax newbuilds contracted from seven different companies.

Under the long-term contracts of affreightment lasting up to 25 years, Chinese joint venture between ICBC Leasing and China Merchants would be providing ten 400,000 DWT bulkers, while South Korean shipping company Pan Ocean would be providing 4 Valemax newbuilds.

In addition, Pan Ocean’s compatriots Korea Line Corporation, H Line Shipping, and SK Shipping would each contribute two 400,000 DWT bulkers, data from Intermodal Research shows.

Furthermore, Polaris Shipping is reportedly ordering up to ten newbuilds to support the contract.

The orders are said to be spread across several Chinese and South Korean yards, with no clear delivery dates disclosed.

The move comes at a time of very low newbuilding prices for dry bulk tonnage, which might have been the reason behind the ordering spree.

When asked about the order by World Maritime News, Vale said it could not comment on the reports.

Separately, last month, Vale and nominees of Bank of Communications Finance Leasing (Bocomm) concluded the sale and purchase of two Valemaxes owned and currently operated by the Brazilian giant.

The miner said the transaction totaled USD 178 million, which was received by Vale on August 8, 2017, at the delivery of the vessels.

“Vale is also negotiating the sale of its remaining two VLOCs, which is consistent with its strategy of strengthening its balance sheet and focusing on core assets,” the company added.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Green Ship Technology North America

Survival of the fittest in maritime: Make smart investments, ensure you are compliant, future proof your fleet…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >

3RD ANNUAL GENERAL AVERAGE SEMINAR

ATTEND THIS SEMINAR TO:
– Get up to speed on the revisions to the York-Antwerp Rules 2016…

read more >