Vale says losing $2-$3 per ton of ore due to China Valemax ban
Brazil's Vale, the world's second-largest mining company, is losing $2 to $3 a ton in iron ore shipping costs because of China's port ban on its giant Valemax ships, Jose Carlos Martins, Vale's iron ore chief, said.
The 400,000 deadweight ton Valemax ships, designed for the China trade, should save the company $6 per ton compared with smaller ships, Martins told investors and analysts.
The additional costs come because Vale must transfer Brazilian ore from the Valemaxes at sea in Asia to smaller vessels for the final journey to China, Martins said. (Reuters)