Brazil-based iron ore mining giant Vale announced Friday that it has received the second of seven very large iron ore carriers (VLOC) from Korea. The name of the ship is Vale Rio de Janeiro.
South Korea's Daewoo Shipbuilding & Marine Engineering is providing the seven-ship carrier fleet that will allow Vale to transport significantly larger iron ore tonnages than it had previously. Additionally, by exporting larger shipments at one time, Vale plans to reduce the company's volatility to freight rate changes.
The third ship will be delivered in the latter half of October and will primarily transport iron ore from Brazil to the Port of Taranto, Italy.