Brazilian Mining Giant to Build Freight Vessels

Brazilian iron-ore mining giant Vale has revealed plans to build a fleet of 400,000dwt ships to reduce costs and cater to the growing Chinese market.

According to the company, the fleet will help to decrease freight costs when transporting ore to Asia.

The Brazilian miner has ordered 20 new vessels and purchased 15 used vessels since the advent of the economic downturn, the company said.

In the second quarter Vale transported 35.6 million tonnes of iron-ore to China, an increase of 42% compared to the previous year.