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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
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...
07/17/201408:24:55Zambia Jan-May Copper Output Up 18% on Year on Expansions
06/04/201417:31:41Brazil's Suzano to Buy Forest Assets for BRL529 Million
06/03/201422:30:15Iluka Agrees Titanium Venture With Vale in Brazil
05/16/201416:55:55ADR Shares End Higher; Total, Baidu Shares Active
05/16/201414:30:14Rio Tinto Assures Guinea on Iron-Area Project
05/12/201404:37:37Obtala Gets Further Order for Timber Railway Sleepers from Vale
05/08/201418:23:44Brazil's Vale Unsure When New Caledonia Nickel Output To Resume
05/08/201407:07:03Emerging-Market Currencies Higher--Update
05/08/201406:50:16Nickel Hits 2-Year High on Supply Fears
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
04/30/201418:34:46Vale Earnings Fall on Sliding Iron-Ore Prices -- 2nd Update
04/30/201411:49:46Vale Earnings Fall on Sliding Iron-Ore Prices -- Update
04/25/201408:40:10Brazil Court Rules in Favor of Vale
04/25/201408:00:12Brazilian Court Rules in Favor of Vale in Foreign-Tax Dispute
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active
04/15/201413:06:06Brazil's Vale Secures Loan Package From BNDES -- Update

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