| From telegraph.co.uk: Brazilian mining company Vale has placed a $1.6bn (£1.3bn) order for 12 huge iron ore carriers from China's Rongsheng shipbuilder to help cut costs and boost its trade with Asia, the company said.
Vale said the ships would be the largest of their kind and will be used to create a "dedicated route" to ship the company's iron ore from Brazil to Asia, a key market where iron ore is used as the main raw ingredient for steel production.
The ships, which Rongsheng Shipbuilding and Heavy Industries will build for Vale - the world's largest iron ore producer - will have a capacity of 400,000 deadweight tons each. The ship deal comes on top of a $59bn investment program through 2013 already promised by Vale...... Full Article: Source |