Rongsheng Secures VLOC Order from Vale

21 September 2010 (Last Updated September 21st, 2010 18:30)

Rongsheng Heavy Industries has secured a $1.6bn order to build 12 very large ore carriers from Vale. Vale recently secured a $1.23bn loan from the Export-Import Bank of China and the Bank of China to build the vessels, which constitutes 80% of the newbuild programme. The

Rongsheng Heavy Industries has secured a $1.6bn order to build 12 very large ore carriers from Vale.

Vale recently secured a $1.23bn loan from the Export-Import Bank of China and the Bank of China to build the vessels, which constitutes 80% of the newbuild programme.

The credit will have a 13-year maturity period and will be given to Vale over the next three years, according to seatradeasia-online.com.