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Brazil's Vale: Problems with Valemax Ships in China Continue

RIO DE JANEIRO--Brazilian mining giant Vale SA (VALE, VALE5.BR) continues to negotiate for access to Chinese ports for its Valemax large iron-ore carriers, the company's director for ferrous metals said Thursday. During a conference call with reporters, Vale's Jose Carlos Martins said "difficulties in China continue," but the company was committed to using the ships in other ports around the world in an effort to reduce shipping costs, particularly to Asia. "China presents the most economically favorable situation" for the use of the Valemax ships, a class of vessels known as very large-ore carriers, or VLOCs, Mr. Martins said. Vale is currently in talks to gain access to other ports in Asia, such as South Korea and the Philippines, Mr. Martins added. "We have alternatives [to use the ships] independent of China," the executive said. The world's largest producer and exporter of iron ore plans a fleet of 35 of the super-sized vessels despite China's ban in January on the ships from entering Chinese ports. Write to Jeff Fick at jeff.fick@dowjones.com. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
12/17/201419:10:10U.S. Court Rejects Vale Bid to Dismiss Rio Tinto Lawsuit
12/15/201417:54:12ADR Shares End Lower; BT Group Shares Trade Actively
12/12/201418:27:28BSG Resources Seeks Judicial Review of UK's Role in Guinea Mine...
12/09/201418:13:08ADR Shares End Lower; America Movil Shares Trade Actively
12/05/201416:47:41Vale May Consider Settling Suit Over Guinea Mining Rights
12/05/201412:11:47Brazil's Vale Says It Won't Issue New Debt to Pay Dividend
12/02/201417:42:21Brazil's Vale Weighs IPO of Base Metals Division Stake -- 3rd...
12/02/201415:46:58Brazil's Vale Weighs IPO of Base Metals Division Stake -- 2nd...
12/02/201415:36:38Brazil's Vale Weighs IPO of Base Metals Division Stake -- Update
12/01/201418:38:15ADR Shares End Lower; Brazilian Shares Fall
11/11/201416:28:17Brazil Stocks Sink as Citi Cuts Outlook on Vale
11/10/201416:04:08Brazil Stocks Close Lower, Real Recovers Some Losses From Past...
10/23/201408:50:04Vale Produces Record Amount of Iron Ore Despite Falling Prices
10/16/201420:34:30Big Brazil Cabinet Becomes an Election Issue
09/26/201407:51:14Brazil Vale Signs Iron Ore Transport Accord With China Merchants...
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/12/201412:44:14Vale, Cosco Group To Cooperate On Iron-Ore Shipping
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out
09/10/201405:56:18Baron Oil Takes Control of Peruvian License; Shares +16%

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