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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
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
04/15/201410:02:19Brazil's Vale Secures BRL6.2 Billion Loan Package From BNDES
04/11/201409:43:44Brazil's CVM Authorizes IADB to Issue Debt in Local Markets
04/09/201408:44:34BSG Resources, Vale Face Loss of Guinea Licenses -- Update
04/08/201413:20:03Veolia Seeks More Revenue from Mining Industry's Water, Waste...
04/02/201418:27:45Vale Suspends Transporting Coal From Mozambique Mines -- Update
04/02/201416:55:18ADR Shares End Higher; Noah Education Shares Active
04/02/201415:58:33Vale Suspends Coal Shipments From Mozambique Mines
03/19/201412:23:43Vale Says Stock Price Pressured by China Worries
03/11/201417:21:55ADR Shares End Lower; Vale, Barclays Shares Active
03/11/201413:41:59Brazil's Petrobras Reveals BRL8.77 Billion in Tax Disputes
03/04/201417:13:52Glencore Xstrata Posts Large Loss -- 2nd Update
02/27/201414:51:43Brazil's Vale Doesn't Foresee New Debt Issuance This Year
02/27/201413:04:26Brazil's Vale Develops Green Iron Ore To Reduce China Emissions
02/27/201412:33:45Brazil's Vale Sees Ebitda In Base-Metals Division Surging
02/27/201407:21:49Falling Iron-Ore Prices Pinch Producers -- Update
02/26/201421:58:20Vale Posts Smallest Annual Profit Since Privatization -- Update
02/26/201420:30:25Brazil's Vale Posts Its Biggest Loss
02/26/201419:46:50Brazil's Vale Sees Chinese Economic Growth Gradually Slowing...

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