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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
07/21/201609:02:42Report of Foreign Issuer (6-k)
07/21/201608:23:00Brazil's Vale Iron Ore Output Falls in Second Quarter
07/19/201623:20:00BHP Billiton's Iron Ore Production Shows No Signs of Slowing
07/15/201606:03:08Report of Foreign Issuer (6-k)
07/12/201606:03:35Report of Foreign Issuer (6-k)
07/08/201616:41:30Report of Foreign Issuer (6-k)
07/05/201611:23:38Report of Foreign Issuer (6-k)
07/05/201611:22:40Report of Foreign Issuer (6-k)
07/01/201613:44:47Report of Foreign Issuer (6-k)
07/01/201613:43:54Report of Foreign Issuer (6-k)
06/22/201620:12:00Australia's Fortescue Deepens Debt Repayments -- Update
06/20/201609:46:20Report of Foreign Issuer (6-k)
06/16/201610:04:16Report of Foreign Issuer (6-k)
06/14/201606:02:52Report of Foreign Issuer (6-k)
06/10/201613:00:24Securities Registration (section 12(b)) (8-a12b)
06/10/201612:53:15Report of Foreign Issuer (6-k)
06/10/201603:04:00Brazil Faults BHP, Vale Venture for Dam Break -- WSJ
06/10/201600:56:00Brazil Police Say BHP, Vale Venture at Fault for Dam Disaster...
06/09/201620:26:00Brazil Police Say BHP, Vale At Fault for Dam Disaster -- 2nd...
06/09/201620:01:00Brazil Police Say BHP, Vale At Fault for Dam Disaster -- Update

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